Who would have guessed it? Amazing!

Discussion in 'Economics' started by The Kin, Jul 20, 2005.

  1. Apparently, the US govt ran a surplus last month.


    Wednesday July 13, 2005 8:31 PM


    AP Economics Writer

    WASHINGTON (AP) - The government recorded the largest June budget surplus in three years, reflecting a continued surge in government tax collections, the Treasury Department reported Wednesday.

    In its monthly budget statement, Treasury said the excess of government tax collections over spending rose to $22.4 billion last month. That compared with a surplus of $19.1 billion recorded a year ago and was the largest June surplus since $29 billion in 2002.

    The report came on a day when the Bush administration lowered its estimate for the budget deficit for this year to $333 billion, down from the $427 billion estimate it had made in February.

    The administration credited surging revenues from a rebounding economy for the improvement.

    For June, the amount of receipts totaled $234.8 billion, the highest figure, after adjusting for inflation, since June 2000.

    So far this year, government revenues total $1.6 trillion, a 14.6 percent gain from the $1.4 trillion collected during the first nine months of the 2004 budget year.
  2. One time gain on US companies repatriating overseas earnings. will disappear.