US Budget Surplus Surpasses 210 Billion for April 2024

US Budget Surplus

The U.S. federal budget surplus in April increased from a year earlier as a boost in tax receipts outpaced a rise in outlays, the Treasury Department said on Friday.

The surplus last month was $210 billion, up 19% from the $176 billion surplus in April 2023. Outlays rose 23% to $567 billion.

US Budget Surplus

Receipts increased 22% to $776 billion due to higher tax revenue from individuals and businesses. Economists had expected a surplus of $244 billion in April.

For the first six months of the fiscal year, the deficit shrank by $70 billion, or 8%, to $855 billion. Receipts were up 10% to $2.964 trillion during that period while outlays rose 6% to $3.819 trillion.

US Budget Surplus

A big driver of the outlays continued to be interest costs on the national debt, which rose 36% on a year-to-date basis to $624 billion, second only to the Social Security program for seniors in individual line item expenses.

For April alone debt-servicing costs were $102 billion, up 35% from the year-earlier period.

Individual tax refunds, which are deducted from receipts, were $1 billion higher, up 2% from 12 months earlier. Individual withheld receipts in April were up $50 billion, or 10%, from a year earlier.

Nate O'Hara
Nathan is a seasoned commerce writer with a passion for unraveling the intricacies of the business world and distilling them into engaging narratives. During his academic journey, he delved deep into subjects like economics, marketing, and entrepreneurship, honing his analytical skills and developing a keen understanding of market dynamics.