CBO: Treasury Realized a $58 Billion Surplus in April
According to the CBO (Congressional Budget Office), the US Treasury realized a surplus of $58 billion in April. This compares to a deficit of $40 billion for the same month last year.
But Dave, you may be saying - it's normal for the country to post a surplus in April! After all, it's tax season and the country's coffers are being filled with tax revenues.
That's very true - however, things have recently been SO bad (thanks to the "Great Recession") that the country posted deficits in April of 2009, April of 2010 and April of 2011.
Now, before you start the celebration, it's important to note that the US federal government has incurred a deficit of $721 billion through the first seven months of the current fiscal year.
According to the CBO, total receipts for the first seven months of the current fiscal year are up 6% compared to the year before.
Through the first seven months of the current fiscal year, the US government has collected $1.38 trillion, up $74 billion from the same period last year. Individual income tax receipts are up $32 billion (about 5%), social insurance receipts are up $10 billion (or about 2%), while corporate taxes are up $32 billion (or about 40%).
In April of 2012, the federal government brought in $319 billion, which was up $30 billion from the year before. Refunds were lower (by $14 billion), withheld income and payroll taxes were up (+$10 billion), while net corporate income tax receipts were up $3 billion.
The CBO points out that spending for the first seven months of the current fiscal year was $2.1 trillion, which is roughly similar to the year before. Defense spending and payments for unemployment benefits are down, while Social Security benefit and Medicare spending are both up.
Source: CBO.gov - Federal Budget Deficit Totaled $721 Billion for the First Seven Months of 2012, CBO Estimates
Filed under: General Knowledge