U.S. Deficit Down 37% for Fiscal 2013

The Treasury Department announced a September surplus of $75 billion, helping to push the final fiscal 2013 deficit down to $680 billion, according to a report (link opens as PDF) released today.

This fiscal year's deficit shows major improvement over previous years. 2012's deficit clocked in at an unlucky 13-digit $1,089,193,000,000, a full 37% above this year's $680,276,000,000.

While overall spending dropped off 2.3% with the help of a 6.3% decline in the defense budget, incoming receipts were where the Treasury made up major ground. A 13.3% increase to $2.77 trillion helped shrink the deficit significantly. Individual taxes, pushed higher by this year's payroll tax increase, registered a 16.3% hike  to clock in at $1.32 trillion.

Source: Treasury Department. 

Looking ahead, the Congressional Budget Office forecasts fiscal 2014's deficit to worsen slightly to $750 billion. While receipts are expected to top $3 trillion, spending will increase a relatively larger amount to $3.8 trillion.

Read/Post Comments (1) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On October 31, 2013, at 6:41 AM, LindonTomson wrote:

    U.S. Deficit Down 37% for Fiscal 2013 that means that the U.S. economy is recovering.

    In December 2012 during " Fiscal Cliff" suspicion some signalled on the U.S. economy recovery signs:

    "Fiscal Cliff Or Not, The Economy Is Recovering"

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2706521, ~/Articles/ArticleHandler.aspx, 5/26/2015 10:13:07 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...