May 16, 2014

On May 12, the Treasury Department released its latest monthly budget report showing a $106.9 billion federal budget surplus in April. It’s historically a surplus month for the department, when many Americans file taxes and corporations make quarterly tax payments.

Although slightly smaller than last April’s monthly surplus, it is contributing to a decline in the annual budget deficit. Through the first seven months of the fiscal year the annual deficit stands at $306 billion -- $181 billion or 37 percent less than it was for the same period in FY 2013.  

The Congressional Budget Office forecasts a $492 billion deficit for FY 2014.  

A shrinking deficit is welcome news, but it’s still a deficit. Our national debt is nearly $17 trillion dollars, and continues to grow (albeit at a slower rate).   

Our nation will need to continue to grapple with deficit reduction in the years ahead. MOAA will continue to ensure that those who serve our nation aren’t asked to carry a disproportionate share of that burden.