The Congressional Budget Office (CBO) released its latest Monthly Budget Review today saying that the federal deficit for the first 10 months of fiscal year 2012 (ending in September) will be $975 billion, about $125 billion less than the $1.1 trillion deficit through the first ten months of last year.
Total federal receipts in the first 10 months of the fiscal year totaled $2 trillion, $114 billion more than in the same period a year ago. Some highlights:
- Corporate income taxes rose 30% to $42 billion
- Individual income taxes rose 4% to $37 billion
- Social insurance taxes (Social Security, state unemployment, etc.) rose nearly 45 to $26 billion
Spending through July totaled $3 trillion, $11 billion less than in the same period a year ago. Some highlights:
- Medicaid expenses fell -11%, or $27 billion
- Unemployment benefits fell by -21%, or $22 billion
- Education program spending fell by -14%, or $8 billion
- Social Security payments rose by 6%, or $35 billion
- Medicare payments rose 4%, or $17 billion
The CBO press releases are available here and here.
Paul Ausick
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.