Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
U.S. posts smallest March deficit since 2000
Author: Scarinci Hollenbeck, LLC
Date: April 25, 2014
Key Contacts
Back
An improving economy and reductions in federal spending led the U.S. to the smallest federal budget deficit for March in the past 14 years, according to Bloomberg. The federal government spent $36.9 billion more than it took in last month, marking a dramatic decrease year-over-year, the Treasury Department said on April 10. In March 2013, the federal budget deficit was $106.5 billion.
“The economy is growing, so the tax receipts are up,” Paul Edelstein, director of U.S. financial economics at IHS Global Insight Inc. in Lexington, Mass., told the news source. “We’ve also cut back significantly on expenditures.”
Last week, a report showed that the number of employees on company payrolls passed peak pre-recession levels for the first time in March, which will help to further increase tax receipts, according to the news source. Corporate tax receipts may also be boosted by the recent pickup in the rate of growth. The Treasury showed that revenue increased 16 percent year-over-year, to $215.8 billion in March compared to 186 billion in March 2013. The federal government spent $252.7 billion in March, down 13.6 percent from the $292.5 billion spent one year prior.
Corporate tax receipts increased to 117.5 billion in the first half of the fiscal year, a $17 billion increase, according to The New York Times. Social Security collections increased as well. Lower military spending, fewer outlays for benefits like unemployment insurance and continued payments to the Treasury from Freddie Mac and Fannie Mae also helped the government’s books.
In total, the deficit is expected to equal 4.1 percent of the GDP in 2014, the news source reported. This is down from the peak of almost 10 percent in 2009 – the height of the recession. Deficits going forward are expected to stay level at two percent to three percent over the next few years before spiking at the end of the decade.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
U.S. posts smallest March deficit since 2000
Author: Scarinci Hollenbeck, LLC
An improving economy and reductions in federal spending led the U.S. to the smallest federal budget deficit for March in the past 14 years, according to Bloomberg. The federal government spent $36.9 billion more than it took in last month, marking a dramatic decrease year-over-year, the Treasury Department said on April 10. In March 2013, the federal budget deficit was $106.5 billion.
“The economy is growing, so the tax receipts are up,” Paul Edelstein, director of U.S. financial economics at IHS Global Insight Inc. in Lexington, Mass., told the news source. “We’ve also cut back significantly on expenditures.”
Last week, a report showed that the number of employees on company payrolls passed peak pre-recession levels for the first time in March, which will help to further increase tax receipts, according to the news source. Corporate tax receipts may also be boosted by the recent pickup in the rate of growth. The Treasury showed that revenue increased 16 percent year-over-year, to $215.8 billion in March compared to 186 billion in March 2013. The federal government spent $252.7 billion in March, down 13.6 percent from the $292.5 billion spent one year prior.
Corporate tax receipts increased to 117.5 billion in the first half of the fiscal year, a $17 billion increase, according to The New York Times. Social Security collections increased as well. Lower military spending, fewer outlays for benefits like unemployment insurance and continued payments to the Treasury from Freddie Mac and Fannie Mae also helped the government’s books.
In total, the deficit is expected to equal 4.1 percent of the GDP in 2014, the news source reported. This is down from the peak of almost 10 percent in 2009 – the height of the recession. Deficits going forward are expected to stay level at two percent to three percent over the next few years before spiking at the end of the decade.