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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Ish who wrote (173256)	8/21/2001 6:27:27 PM
From: TigerPaw	Read Replies (2) \| Respond to of 769669

Helms to retire. I thought this occasion would call for champage, but then I decided it called for Miller, the champage of bottled beers in honor of his rotundness. TP

To: Ish who wrote (173256)	8/21/2001 6:27:49 PM
From: Carolyn	Read Replies (1) \| Respond to of 769669

HWL!

To: Ish who wrote (173256)	8/22/2001 7:41:10 AM
From: Neocon	Respond to of 769669

After reading through the thread, I think some may have missed your post, so I am reposting: U.S. Treasury Reports $2.5 Bln Budget Surplus in July (Update1) By Siobhan Hughes Washington, Aug. 20 (Bloomberg) -- The U.S. government unexpectedly posted a budget surplus for July as Democratic lawmakers ready for a battle with President George W. Bush over the impact of tax cuts on Social Security and spending. The $2.5 billion excess of receipts over expenditures reported by the Treasury for last month contrasts with the $1 billion shortfall analysts had expected. A booming economy led the government to post an unusual $5.1 billion surplus in the previous July, a month in which deficits have been typical. An auction of radio frequencies provided $12.5 billion, helping outweigh the tax cut and reduced collections in a slower economy. The surplus with two months left in the fiscal year suggests that the Bush administration may be able to avoid spending part of the Social Security trust funds for other government programs, analysts say. ``It's good news in terms of avoiding dipping into Social Security,'' said Stephen Stanley, senior economist at Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``We're still talking about a surplus for this year, in the range of about $160 billion, which is pretty hefty.'' While a surplus of that size would be the second largest on record, economists and lawmakers nonetheless remain concerned that slowing growth and the 10-year, $1.35 trillion tax cut will shrink longer-term expectations for government surpluses. The Political Dispute Congress returns next month from its August recess, and lawmakers have been laying the groundwork for a battle over spending in fiscal 2002, which starts Oct. 1. So far, none of the 13 spending bills needed to fund the government have been sent to Bush for his signature. ``The president ought to come in with a new budget this fall to avoid this problem of going into the Social Security trust fund,'' House Democratic Leader Richard Gephardt of Missouri said Sunday on ``Meet the Press.'' The government has recorded a $171.5 billion surplus through July. While that's down from $181.6 billion surplus for the first 10 months of last fiscal year, the administration still expects a carryover of $160 billion for the year. The administration also is likely to announce Wednesday that $1 billion of that isn't part of the Social Security fund. Bush promised during his campaign that he wouldn't use Social Security surpluses for other purposes. The non-partisan Congressional Budget Office will issue a revised budget forecast for the current fiscal year and the future on Aug. 28. That forecast will constrain Congress in its spending and tax deliberations. Today's Treasury report shows government revenue fell 4.6 percent in July to $127.8 billion. Corporate Tax Payments Fall Corporate tax payments in July totaled $2.7 billion, little more than half the amount collected in July 2000. The year-to-date total of $140.5 billion is down from $159.2 billion in corporate tax receipts during the first 10 months of fiscal 2000. Individual income tax receipts totaled $60.5 billion in July, compared with $66.3 billion last year. Year to date, receipts totaled $861 billion, compared with $832 billion in the first 10 months of fiscal 2000. Government spending fell 2.9 percent to $125.3 billion. Part of the reason is that some payments typically made in July were made in June because the due date, July 1, fell on a weekend. One reason for the surplus is that the government sold wireless communications frequencies once owned by Nextwave Telecom Inc. after the bankrupt company defaulted. A legal battle that may go to the Supreme Court will determine whether the government keeps the money. The Treasury paid $6.8 billion in advance tax refunds. Since many tax payments are made quarterly, budget deficits are typically reported in most months. Monthly surpluses usually come in January, April, June and September, which coincide with estimated tax filings. Individual income tax returns were due in mid-April. During fiscal 2000, the government reported a record $236.7 billion surplus, following carryovers of $124.4 billion in fiscal 1999 and $69.2 billion in fiscal 1998, according to the Treasury's budget statistics. Last July's surplus was the only time the government didn't report a deficit for that month in at least 33 years. The government has had surpluses for the past three years. The last time Washington reported three straight budget surpluses was after World War II -- 1947, 1948 and 1949. The last time it reported a longer stretch of surpluses was between 1919 and 1930. Improved finances have allowed the Treasury to reduce the size and frequency of its sales of securities in financial markets. The annual surplus has also allowed the Treasury to repurchase debt from investors. quote.bloomberg.com