{"id":2030849,"date":"2023-09-13T16:45:02","date_gmt":"2023-09-13T20:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-government-posts-only-second-budget-surplus-of-fiscal-year-2023\/"},"modified":"2023-09-13T16:48:18","modified_gmt":"2023-09-13T20:48:18","slug":"us-government-posts-only-second-budget-surplus-of-fiscal-year-2023","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-government-posts-only-second-budget-surplus-of-fiscal-year-2023\/","title":{"rendered":"US Government achieves second budget surplus in FY 2023."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-government-posts-only-second-budget-surplus-of-fiscal-year-2023%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2030849&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The U.S. government recorded an $89 \u2062billion budget \u2062surplus \u2062in August, a significant turnaround from a $220 billion deficit in \u200cthe same month last year, according to the\u2063 Department of the Treasury.<\/p>\n<p>This \u2064is exciting news\u2063 as it marks the first monthly budget surplus\u2063 since April. The surplus was driven\u200d by a remarkable 63 percent decrease in outlays, \u200btotaling $194\u200d billion. Although \u2062revenues\u2063 dropped by 7 percent to $283 billion,\u2064 the \u2063surplus still stands.<\/p>\n<p>However, let&#8217;s not get too carried \u200caway.\u200b In the first 11 \u200dmonths of the fiscal\u200d year, the total\u2063 budget deficit has reached a\u2063 staggering $1.524 trillion, \u2063a 61 percent increase compared to the same period last \u2062year.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/risk-consultant-us-spending-reckless-treasury-to-borrow-1-trillion-in-q3-5481154\">Risk Consultant: US Spending &#8216;Reckless,&#8217; Treasury\u2064 to Borrow $1 Trillion in Q3<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/26\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/risk-consultant-us-spending-reckless-treasury-to-borrow-1-trillion-in-q3-5481154\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/us-10-year-treasury-yield-surges-to-highest-level-since-2007-after-fed-minutes-5471626\">US 10-Year\u2063 Treasury Yield Surges to Highest\u2062 Level Since \u200c2007 After Fed Minutes<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/17\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/us-10-year-treasury-yield-surges-to-highest-level-since-2007-after-fed-minutes-5471626\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The primary reason for this positive budget outcome is an interesting one. It\u200b turns out that technical \u2062government accounting played a\u2062 significant role.<\/p>\n<p>The federal government had allocated $319 billion\u200d for the\u200b White House student loan\u200d forgiveness \u2063program. \u200bHowever, due to a U.S. \u2063Supreme Court blockage, the funds remained unspent. This unexpected turn\u2064 of\u200b events allowed Washington \u2064to record a surplus instead of a larger\u200c deficit.<\/p>\n<p>President Joe Biden&#8217;s \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-government-posts-only-second-budget-surplus-of-fiscal-year-2023\/\" title=\"US Government achieves second budget surplus in FY 2023.\">student loan forgiveness initiative aimed<\/a>\u2064 to provide up to $20,000\u200b in relief to millions of borrowers burdened by outstanding debt. Unfortunately,\u2063 Chief\u2063 Justice John Roberts, \u200cspeaking for \u200dthe conservative\u200d supermajority, deemed the administration&#8217;s plan \u2062as an extensive rewriting \u2063of the statute rather than a fair waiver.<\/p>\n<p>As a result, interest on student loans\u2063 has started accruing this month, and payments will commence in October.<\/p>\n<p>Meanwhile, the\u2062 largest spending categories include Social Security\u200d ($116 billion), Medicare\u200c ($73 billion), health care ($71 billion), defense ($70 billion), and net interest ($69 \u2064billion).\u2063 Year to date, interest payments have reached a staggering $864.731 billion.<\/p>\n<p>According to the\u200c Committee for a Responsible Federal\u2063 Budget, the rolling 12-month deficit currently stands at $2 trillion, a $310\u2064 billion\u2062 decrease from the previous month.<\/p>\n<div class=\"my-5\">\n<p>    Over the\u200b past year, federal spending has \u2062accounted \u2064for 24.1 percent \u2062of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-q2-gdp-growth-slows-to-0-8-q-q-raises-stimulus-expectations\/\" title=\"China's Q2 GDP growth decelerates to 0.8% q\/q, heightening stimulus hopes.\">gross domestic\u200d product<\/a>, up from 23.7 percent in the previous \u2064year. This\u2063 increase is primarily driven\u200b by\u200b higher spending on Social Security, \u200dMedicare, and interest\u2064 payments.<br \/>\n \u2063<\/p>\n<h2>On the Double<\/h2>\n<p>    The federal deficit\u200c is projected to double \u2062from\u200d $1\u200c trillion last year to $2 trillion in the\u2064 current fiscal year, according to the Congressional\u200d Budget Office \u200d(CBO).\u200d The main factors contributing \u2064to this are approximately 10 percent lower \u200crevenues and 3 percent higher outlays compared\u2063 to the previous year.<br \/>\n\u200b\n  <\/p><\/div>\n<p>The\u2064 CBO,\u200d in its monthly \u2063budget review, highlights that the deficit will widen further when excluding \u200cPresident Biden&#8217;s\u200c plan to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/teachers-unions-aclu-want-biden-to-extend-student-loan-repayment-pause-cancel-student-debt\/\" title=\"Teachers Unions, ACLU Want Biden To Extend Student Loan Repayment Pause, Cancel Student Debt\">forgive student loans<\/a>. However, when accounting\u2064 for the proposal, the \u200ddeficit\u2062 will\u2064 be approximately $330 billion lower due\u2063 to adjustments.<\/p>\n<p>&#8220;The deficit\u200c was larger in 2022 and \u2063is smaller in 2023\u2062 by amounts that are\u2063 largely \u2062offsetting because of actions related to the administration\u2019s planned \u200bcancellation of outstanding\u200c student \u200cloans for many borrowers,&#8221; wrote CBO \u200bresearchers.\u200d &#8220;The cancellation\u2062 was \u200cnever implemented because of the Supreme Court\u2019s\u2062 June 2023 decision prohibiting\u200b it.&#8221;<\/p>\n<p>Prior to the release\u200b of the Treasury&#8217;s monthly budget\u200c statement, the CBO estimated an \u200dAugust budget surplus of\u2063 $90 billion, a significant improvement compared to the $220 billion deficit in the same month last year.<\/p>\n<p>Meanwhile, the latest Treasury information follows a warning from Torsten \u200cSlok, the chief economist at \u200dApollo Global Management. He \u200brevealed that\u2064 nearly one-third of\u2064 all publicly\u2064 held U.S. government debt, totaling $7.6 trillion, is set to mature within the next \u200b12\u2063 months. Additionally, daily interest payments have risen from $1 billion\u2062 to $2 billion \u200dover\u2062 the \u2062past year.<\/p>\n<p>Last month, the\u200c Treasury Department \u200cconfirmed plans\u2062 to borrow over $1 trillion in the third quarter and another $852 billion in the\u2063 fourth quarter.<\/p>\n<div class=\"my-5\">\n<p>    \u2063 Since 2001, the federal government has consistently spent more money than it takes.\n  <\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US government achieved an $89 billion budget surplus in August, a significant improvement from the $220 billion deficit in the same month last year. This surplus, the first since April, was driven by a 63% decrease in spending, amounting to $194 billion. However, revenues also dropped by 7%.<\/p>\n","protected":false},"author":278,"featured_media":2030850,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2030849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2030849"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2030850"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2030849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2030849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2030849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}