Treasury: Federal Budget Surplus for April Largest on Record, Driven by Tax Deposits

Treasury: Federal Budget Surplus for April Largest on Record, Driven by Tax Deposits

The U.S. government posted the highest surplus on record in April, although the federal deficit over the past several months widened as spending rose along with revenues.

Government revenue rose by 12%, or $55 billion, in April from the same period a year earlier, the Treasury Department said Thursday. That brought April’s surplus to $214.3 billion, the largest April surplus on record.

More broadly, the budget deficit widened in the first seven months of fiscal 2018. The deficit, or the difference between the amount of money the government spent and what it took in, stood at $385.4 billion in October through April, which was 12% larger than the deficit during the same period a year earlier.

Both receipts and outlays in April this year were affected by certain special factors, such as calendar adjustments to reflect the fact that April 2018 had one more Monday than April 2017. April, when individual income taxes are due, is typically the government’s biggest month for revenue collection.
 Source: The Wall Street Journal
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