The surplus — the first of Barack Obama’s presidency — was the result of both increased tax collection and lower government spending. Before April, the government had not run a surplus since September 2008, the month that the financial crisis struck the U.S. economy. Read CBO report.
The CBO’s estimate is released before the Treasury Department’s monthly budget report. That report is scheduled for later this week.
CBO estimated that receipts were $30 billion higher in April than the same month a year ago, due to declining refunds that month and higher corporate income tax receipts. Spending fell by $69 billion compared to April 2011, marked by lower outlays on defense, Medicaid and the Postal Service.
Don’t worry, Romney and the Republicans will find a way to make this seem like a negative soon enough.
And they won’t moderate their rhetoric in the slightest. Despite the fact that year over year spending is down (illustrating it is well under control), and the economy is growing after the stimulus (it was shrinking before), spending will still be “out of control” and the stimulus will still have “failed”.
And yes…unemployment keeps going down (which is spun as a bad thing).
The funny thing, if you had no memory of anything that happened before January 2009, you could blame the last few years on Obama. But then you’d have to lie constantly about having no memory of that stuff.