The U.S. posted its smallest budget deficit in five years as employment gains helped propel revenue to a record.
Spending exceeded receipts by $680.3 billion in the 12 months ended Sept. 30, the narrowest gap since 2008, compared with a $1.09 trillion shortfall in fiscal 2012, the Treasury Department said today in Washington. In September, the U.S. recorded a $75.1 billion surplus, little changed from the surplus in the same month a year earlier.
http://www.bloomberg.com/news/2013-10-3 ... venue.html" onclick="window.open(this.href);return false;Revenue jumped 15.2 percent to $301.4 billion in September from a year earlier, bringing the annual figure to $2.77 trillion, today’s report showed. Spending increased 21.5 percent to $226.4 billion last month, contributing to a 12-month total of $3.45 trillion, it showed.
Sequestration certainly helped but lets get real, we still need fundamental reform. This is a good start but reducing spending is the way to ensure we get ourselves out of this hole. Defense, Foreign Aid, Entitlments, etc.. can be reduced. If we're going to increase spending, lets spend some cash on education.
These are baby steps, you have to admit that. Even you understand that you don't erase a deficit in one or two years without severe cuts.
