US Records First Budget Surplus Since August Thanks to Tax Filing Season

The U.S. government recorded a $210 billion budget surplus in April as Washington received a boost in revenues from Americans filing their annual tax returns, new Treasury data showed on Friday. Last month’s federal surplus, which is common for this time of the year, rose 19 percent compared to the same time a year ago. In the first seven months of the fiscal year 2024, the budget shortfall totals $855 billion. Outlays climbed 23 percent year-over-year to $567 billion, with Social Security ($122 billion), net interest ($85 billion), and Medicare ($74 billion) driving federal spending. Receipts ballooned 22 percent year-over-year to $776 billion amid higher tax revenues from individuals and businesses during the filing month....