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.
- Locations: Red Bank, NJ, New York City, Washington, D.C., Little Falls, NJ
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
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
What Are FIRPTA Withholding Requirements?
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Author: Jesse M. Dimitro
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.