US Posts Budget Surplus for the First Time Since 2008

The US government has posted its monthly budget surplus for the first time since September 2008. The US Treasury Department on its report on Thursday disclosed that the tax receipts gained while spending on education, Medicare and defense programs reduced in April. The US government reported the budget surplus figure of $59 billion for the first time in Obama’s regime. If we compare it with the figure back in September 2008, the budget surplus stood at $46 billion when the Lehman Brothers filed for bankruptcy.

According to the detailed reported the US government has spent $260 billion in the month of April as compared to $70 billion for the same period in 2011 while receipts stood at $319 billion in April as compared to the figure of $29 billion in April last year.

Spending on education was reduced by 51 percent to $2 billion April while spending on Medicare fell by 48 percent to $31 billion. According to the report, individual withheld tax receipts increased 8 percent to $147 billion while corporate tax receipts increased 6 percent to $33 billion.

Many analysts think that this is biggest achievement of Obama’s government and would give a tough time to Republican candidate for presidency Mill Romney in the coming elections this fall. However, there is bad news too as for the whole fiscal year, the US Treasury has forecasted the budget deficit of more than $1 trillion as the year to day budget deficit stands at $720 billion.


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