Surging federal tax revenue in April led to the largest monthly budget surplus on record and a dramatically lower deficit through the first seven months of the fiscal year, according to Congressional Budget Office estimates released Monday.
April tax receipts totaled $864 billion, driving a $308 billion surplus last month. Both figures would be the largest since the Treasury Department began keeping records.
Treasury will publish its official monthly statement on Wednesday, but the CBO’s preliminary estimates usually don’t diverge by much.
Through the first seven months of fiscal 2022, total revenue hit $3 trillion, a whopping $843 billion or 39 percent more than during the same period a year earlier. At the same time spending dropped by around $730 billion, or 18 percent, as pandemic-era relief programs waned. The result is a deficit of just $360 billion for the fiscal year-to-date, down from over $1.9 trillion at this time in fiscal 2021.
Analysts at the nonpartisan CBO note that the “trajectory of monthly deficits” so far this fiscal year is similar to in fiscal 2019, the last full pre-pandemic budget year.
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