You would think that the White House would hang this news from a banner on the South Lawn.
The U.S. government had a budget surplus of $113 billion in April, the
largest monthly surplus in five years, the Treasury Department reported
Friday. The April surplus was $54 billion more than the same month a
year ago. Tax receipts were $407 billion, up 28% compared to April 2012,
while spending was $294 billion, 13% more than the year-ago period.
April is usually a surplus month because of income tax payments. Through
the first seven months of fiscal 2013, the deficit was $488 billion,
32% narrower than during the same period last year.
We usually run a surplus during April but I love how income growth is outpacing expense growth by nearly double for the first time in I don't know how long. Add this to the narrowing Trade Deficit and America might actually make some money for a little while.
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