Deficit Surprise: US Pays Down National Debt – ABC News
By Richard Davies
For the first time since 2007 – before the recession – the US Treasury is planning to make a down payment on the federal debt. The budget deficit has been shrinking more than expected. Thanks to government spending cuts, and higher tax receipts The Treasury says it expects to pay off $35 billion of debt in the second quarter. That compares to an earlier forecast that it would have to borrow $103 billion. Usually this time of year is the best for government cash flow because annual tax returns flood into the Treasury in April. But the return to at least one quarter of debt paydown is a clear sign government spending cuts and tax increases have helped lower the deficit.
Oh, the misinformation from ABC News… Just look at that headline! For uninformed Americans who read only bold headlines, if that, this must feel reassuring. Too bad that ABC News just happened to leave out that the National Debt has more than doubled since 2007. Doesn’t that seem like a bit of vital information that should be included when talking about the nation’s debt? Gee, I wonder why it wasn’t…?