By David Lawder
Reuters – The U.S. government posted a 308 billion surplus in April — a record for any month — as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID19 pandemic, the Treasury Department said on Wednesday.
The April surplus compares to a 226 billion deficit for April 2021, when receipts were reduced by a onemonth delay in the annual tax filing deadline until May 17.
The previous record monthly surplus was 214 billion in April 2018. April has traditionally been a budget surplus month due to the traditional April 15 tax filing deadline, but recent April deficits were recorded in 2009, 2010 and 2011 after a financial crisis, and in 2020 and 2021 due to the COVID19 pandemic, a Treasury official told reporters.
April receipts rose 97 from a year earlier to 864 billion, also a record for any month, the Treasury said. April outlays fell 16 to 555 billion, reflecting lower spending for COVID19 relief.
For the first seven months of the 2022 fiscal year, the government reported a deficit of 360 billion, down 81 from the yearearlier deficit 1.932 trillion. Yeartodate receipts swelled by 39 to 2.986 trillion — a record for the period — while outlays fell 18 to 3.346 trillion.