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US budget surplus highest in five years in June. US budget surplus highest in five years in June.
(about 20 hours later)
The US government reported a budget surplus of $116.5bn (£77.02bn) in June, the most in five years.The US government reported a budget surplus of $116.5bn (£77.02bn) in June, the most in five years.
The improving US economy meant that tax receipts were higher than expected.The improving US economy meant that tax receipts were higher than expected.
Also, government spending plunged by 47% due to package of spending cuts and tax increases passed in January, know as the sequester.Also, government spending plunged by 47% due to package of spending cuts and tax increases passed in January, know as the sequester.
Government owned mortgage firms, Fannie Mae and Freddie Mac, added $66.3bn (£43.8bn) in payments. They have been in public ownership since 2008.Government owned mortgage firms, Fannie Mae and Freddie Mac, added $66.3bn (£43.8bn) in payments. They have been in public ownership since 2008.
Despite that strong month, the Congressional Budget Office forecasts the annual deficit will be $670bn (£443bn) when the budget year ends on Sept. 30.Despite that strong month, the Congressional Budget Office forecasts the annual deficit will be $670bn (£443bn) when the budget year ends on Sept. 30.
The rising deficit means the US government is once again expected to hit its debt ceiling - the point at which it must borrow more money to pay for ongoing obligations - in the autumn. The US government is once again expected to hit its debt ceiling - the point at which it must borrow more money to pay for ongoing obligations - in the autumn.
The Obama administration must get Congressional approval to raise the limit, which has often proved to be a pivotal point for negotiating future spending deals.The Obama administration must get Congressional approval to raise the limit, which has often proved to be a pivotal point for negotiating future spending deals.
In 2011, the federal government almost shut down as a result of the negotiations and rating agency Standard and Poor's downgraded the US's credit rating from AAA to AA+.In 2011, the federal government almost shut down as a result of the negotiations and rating agency Standard and Poor's downgraded the US's credit rating from AAA to AA+.