U.S. Records $160.3 Billion Surplus in April

The federal government recorded a $160.3 billion surplus in April as revenues for the month jumped to an all-time high.

But even with a flood of tax receipts, the deficit so far this year is running 37.7 percent higher than a year ago.

The Treasury Department reported Friday that the deficit for the first seven months of the budget year that began Oct. 1 totals $530.9 billion.

The deficit was $385.5 billion for the same period a year ago.

The Trump administration projected in March that this year’s deficit will hit $1.1 trillion, up from last year’s deficit of $779 billion.

Biden Admin Takes Card from Nazi Germany, Asks Americans to Report 'Potentially' Radicalized Friends and Family

The administration is projecting the deficit will stay above $1 trillion for four straight years before starting to decline for the rest of the decade.

The Congressional Budget Office is projecting that the deficit this year will climb to $896 billion, smaller than the administration’s $1.1 trillion forecast but still 15 percent higher than last year.

The CBO shows slightly smaller deficits in the short-term.

It is projecting that they will remain below $1 trillion through 2021 but after that will top $1 trillion and will remain above the $1 trillion mark for the rest of the decade.

While the government runs deficits in most months, April has been a surplus month for 60 of the past 65 years, reflecting the flood of revenue that comes in with the annual deadline for individuals to pay tax bills.

This year’s surplus was down from a $214.3 billion surplus in April 2018.

That primarily reflected calendar quirks which had shifted $45 billion in benefit payments into March last year because April 1 fell on a weekend.

The new report showed that customs duties total $41 billion so far this year, up 82 percent from a year ago, a big increase that reflects the higher tariffs the Trump administration has imposed on China and other countries.

The duties on China increased again Friday with both sides unable to reach a deal to resolve a number of contentious trade issues.

Texas Gov. Greg Abbott Signs Law That Prohibits Government from Closing Churches

So far this year, receipts are up 1.8 percent to $2 trillion while spending is up 7.6 percent to $2.57 trillion.

One of the fastest growing categories is interest on the debt which totals $226.3 billion so far this year, up 13.6 percent from a year ago.

Truth and Accuracy

Submit a Correction →


We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

, , , , , , , , ,
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City