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Are -- much the federal budget.
Actually reached a decent surplus in June the Treasury Department just released the numbers Peter barge -- the -- from Washington DC -- I'm surprised that the market didn't take a hit on this it actually looks good and you would think the good news gets people nervous about tapering but at this point Peter tell us what these numbers really me.
Well let's part of the reason for that surplus actually big part of the reason of the surpluses a one -- item and some quirks in the calendar so it's not as good as it really looks it was a 117 billion dollars surplus in June.
According to the monthly treasury statement.
That compares to a deficit of sixty billion in June last year -- three quarters through the fiscal year point thirteen right now and for the fiscal year today.
The deficit has come in at 510 billion.
That's down from 904.
In the same period last fiscal year that's us that's a reduction of about 400 million dollars -- that's not chump change.
Up now part of that is due course of the higher payroll taxes and income taxes.
They kicked in January 1 combined with lower -- spending from the sequester and all that but budget experts were.
On the look out for.
This one time item a dividend payment of more than sixty billion dollars from Fannie Mae.
And Freddie Mac to the treasury.
In June so there that's a big chunk of that 117 billion surplus.
And in another case because June 1 on a Saturday this year certain government payments that ordinarily would have been made in June where instead made in May.
Reducing -- lot outlays in June by 34 billion.
There's a hundred million that deficit reduction right.
Their -- that's true and and I'm glad that you.
Clarify for our viewers that every number on the face of it isn't necessarily the greatest thing or the worst thing so thank you appreciate it a matter of closing bell.
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