Deficit Down 15% for Fiscal 2013
Apr 10th 2013 7:42PM
Updated Apr 10th 2013 7:48PM
The deficit is down again for March, according to a Treasury Statement released (link opens in PDF) today. After a rare January surplus and a $203.5 billion February deficit, March's numbers drop Uncle Sam's deficit to $106.5 billion.
The improvement reflects both increased revenues (taxes) and decreased spending and showed significant upside over analysts' $172 billion deficit expectation.
So far for FY 2013, the national deficit stands at $600.5 billion, down 15.2% from FY 2012's $779 billion.
Overall revenues have risen 12.4%, with corporate and individual tax receipts up 18% and 14.7%, respectively.
Spending cuts haven't performed quite as well, but Uncle Sam has still managed to knock 2.5% off his outlays. Defense spending took a major squeeze, down 6.2% to $315 billion.
The article Deficit Down 15% for Fiscal 2013 originally appeared on Fool.com.Y ou can follow Justin Loiseau on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.