Segment 1: Seasonal Investing in 2021 SEGMENT BEGINS AT 00:44 Economist and trading coach Jerry Robinson examines the current economic environment in light of an approaching annual stock market strategy used by many investors. Will this year be different? Moral...
WASHINGTON -(Dow Jones)- The federal budget deficit for the first nine months of the 2010 fiscal year was just over $1 trillion, the Congressional Budget Office reported Wednesday.
The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009.
Receipts were 0.5% higher for the period compared to the first three quarters of 2009, CBO said in its monthly budget review.
The rise in revenues was a result of increased corporate tax collections, due to improving economic conditions, and a shift by the Federal Reserve to higher- yielding investments.
But individual income and payroll tax receipts were down 4% over the nine- month period, suggesting that wages and salaries have not improved to the extent that corporate profits have.
-By Martin Vaughan, Dow Jones Newswires;
Read more: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201007081044dowjonesdjonline000513&title=federal-budget-deficit-hits-1-trillion-for-1st-9-months-of-fy10#ixzz0tCJjuczZ