A Glimmer of Hope from the Congressional Budget Office

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Author: Derek Gallahan

The Congressional Budget Office recently released statistics related to 2011 that offer a glimmer of hope related to the Federal Budget Deficit.  Had it not been for unusual timing issues affecting the payments and receipts specific to 2011, there would have been an approximate $140 billion decrease in the deficit.  This is in large part due to increased revenues from individual income tax payments that rose 6.5% over 2010 even as corporate and payroll taxes fell.  Further, though 2011 spending roughly matched 2010, both years’ spending was less than 2009 by approximately 1.1% of GDP.  Both of these trends over a glimmer of hope as 2011 wraps up, and we head into the new year.

Source: Congressional Budget Office http://cboblog.cbo.gov/?p=2998


The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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