Growth in U.S. Budget Deficit Slows in January - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Growth in U.S. Budget Deficit Slows in January

Posted: Updated:

The federal government reported a rare surplus for January and is on track to run its smallest budget deficit since President Barack Obama took office.

The Treasury Department says the government took in a surplus of $2.9 billion in January. That lowered the deficit through the first four months of the budget year to $290.4 billion -- nearly $60 billion lower than the same period a year ago.

The budget year began on Oct. 1.

The January figure was helped by an estimated $9 billion in extra revenue from higher Social Security taxes.

The Congressional Budget Office is forecasting that this year's deficit will total $845 billion. If correct, that would be first time government hasn't run an annual deficit in excess of $1 trillion since 2008.   (AP)

Powered by Frankly
All content © Copyright 2000 - 2018 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.