Thursday, July 11, 2013

BBC News - US budget surplus highest in five years in June.

 

The improving US economy meant that tax receipts were higher than expected.

Also, government spending plunged by 47% due to package of spending cuts and tax increases passed in January, know as the sequester.

Government owned mortgage firms, Fannie Mae and Freddie Mac, added $66.3bn (£43.8bn) in payments. They have been in public ownership since 2008.

Despite that strong month, the Congressional Budget Office forecasts the annual deficit will be $670bn (£443bn) when the budget year ends on Sept. 30.

BBC News - US budget surplus highest in five years in June.

No comments: