Thursday, September 11, 2014
The decline in the government's debt is one of the major economic stories underway.
Eleven months into the government's fiscal year the government's fiscal debt is down a sizable 22.0 percent, at $589.2 billion vs $755.3 billion this time last year. The improvement includes a 14.3 percent rise in corporate tax receipts, to $247.2 billion, and a 4.9 percent rise in individual tax receipts, to $1.23 trillion. The spending side of the ledger shows a 5.1 percent decline for defense spending, to $555.4 billion, and a 1.6 percent decline for Medicare, to $467.4 billion. For August separately, the government's deficit was in line with expectations at $128.7 billion.