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U.S. Treasury posts record budget surplus in April as revenues soar -Breaking

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© Reuters. FILEPHOTO: This is the United States Department of the Treasury, Washington, D.C., U.S., on August 30, 2020. REUTERS/Andrew Kelly

By David Lawder

(Reuters) – The U.S. government reported a 308 billion dollar surplus for April, a record-breaking figure. This was due to a stronger economic recovery following the COVID-19 epidemic.

This compares with a deficit of $226 billion for April 2021. The receipts were lower by an one-month delay in filing annual taxes deadlines until May 17, which reduced the April surplus to $226 billion.

In April 2018, $214 billion was the previous monthly record. Although April is a traditionally a month of budget surplus due to the April 15th deadline for tax filings, the most recent record monthly surplus was $214 billion in April 2018. A Treasury official stated that April’s deficits have been recorded in 2009 and 2010 after a financial crises and in 2020, 2021, due to the COVID-19 Pandemic.

The Treasury reported that April receipts increased 97% over a year ago to $864 billion. This is also an unprecedented month for receipts, which was also record-breaking, Due to lower COVID-19 assistance spending, April’s outlays were 16% less at $555 billion.

The government posted a deficit in the first seven months 2022 fiscal years. This is 81% lower than the deficit of $1.932 trillion the previous year. While receipts rose 39% to $2.986 billion, a new record in the year — which was also a record — outlays dropped 18% at $3.346 trillion.

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