{"id":606672,"date":"2023-02-10T14:41:00","date_gmt":"2023-02-10T20:41:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/10\/u-s-posts-39-billion-january-deficit-after-pension-fund-bailout\/"},"modified":"2023-02-10T14:41:00","modified_gmt":"2023-02-10T20:41:00","slug":"u-s-posts-39-billion-january-deficit-after-pension-fund-bailout","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/10\/u-s-posts-39-billion-january-deficit-after-pension-fund-bailout\/","title":{"rendered":"U.S. posts $39 billion January deficit after pension fund bailout"},"content":{"rendered":"
\n

\"U.S.
\n\u00a9 Reuters. FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg\/File Photo<\/span>
\n<\/i>\n<\/p>\n

By David Lawder<\/p>\n

WASHINGTON (Reuters) -The U.S. government posted a $39 billion budget deficit for January after a $119 billion monthly surplus a year earlier, as revenues dipped and one-time costs, including the bailout of a union pension fund, pushed outlays sharply higher, the Treasury Department said on Friday.<\/p>\n

The report, which comes as Treasury employs extraordinary cash management measures to avoid breaching the federal debt limit, showed receipts at $447 billion last month, down $18 billion, or 4%, from January 2022.<\/p>\n

Outside of the one-time costs, the budget data did not show major shifts from recent trends of slightly slowing revenues and rising costs for Medicare, Social Security and interest on the public debt.<\/p>\n

The Treasury has said its ability to pay U.S. obligations may not last past early June unless Congress raises the $31.4 trillion statutory debt ceiling. Republicans want spending concessions from President Joe Biden, who has said he will not negotiate over raising the limit. <\/p>\n

U.S. federal outlays in January were $486 billion, up $140 billion, or 4%, from a year earlier due in part to Biden’s $36 billion bailout of the Central States Pension Fund to prevent cuts to the pensions of over 350,000 Teamsters union workers and retirees that it serves.<\/p>\n

The January outlays comparisons were also affected by the non-recurrence of a communications spectrum auction last year that had the effect of reducing outlays in January 2022 by some $70 billion.<\/p>\n

Social Security costs in January rose $12 billion or 12% compared to a year earlier, reaching $114 billion due to cost-of-living adjustments. Interest on the public debt rose $8 billion, or 18%, reaching $51 billion in January.<\/p>\n

Withheld individual income and payroll taxes in January rose $11 billion, or 4% from a year ago, reaching $279 billion. A drag effect from lower bonus payments in December and January is expected to fade in coming months amid continued high employment, a Treasury official said.<\/p>\n

January non-withheld receipts fell $9 billion, or 6%, to $141 billion, reflecting lower capital gains being realized. <\/p>\n

The Federal Reserve posted no earnings in January as higher interest paid on bank reserves offset any bond portfolio income. This compared to Fed earnings of $10 billion in January 2022 and the zero-earnings trend was expected to continue potentially for several years, the Treasury official said.<\/p>\n

For the first four months of the fiscal year, which started in October, U.S. receipts fell $44 billion, or 3%, to $1.473 trillion, while outlays grew $157 billion, or 9%, to $1.933 trillion, a record for the period.<\/p>\n<\/div>\n

Read More<\/a>
\n Maribel Stoval<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg\/File Photo By David Lawder WASHINGTON (Reuters) -The U.S. government posted a $39 billion budget deficit for January after a $119 billion monthly surplus a year earlier, as revenues dipped and one-time costs, including the bailout of a union […]<\/p>\n","protected":false},"author":1,"featured_media":606673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,534,1605],"tags":[],"class_list":{"0":"post-606672","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-billion","8":"category-financial","9":"category-posts"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=606672"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/606673"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=606672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=606672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=606672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}