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Outlays dropped 16% to $555 billion due to lower spending for COVID-19 relief
The US government posted a receipts surplus of $308 billion in April — a record for any month — as the revenue nearly doubled from a year earlier amid a robust economic recovery from the COVID-19 pandemic.
The Treasury Department on Wednesday said last month’s receipts jumped 97% to $864 billion from April 2021, a record for any month.
In March 2022, the government recorded a deficit of $192 billion.
The previous record monthly surplus was $214 billion in April 2018.
April has traditionally been a budget surplus month due to its tax filing deadline on April 15.
However, recent deficits in April were recorded in 2009, 2010 and 2011 after a financial crisis, and in 2020 and 2021 due to the COVID-19 pandemic.
Last month’s outlays dropped 16% to $555 billion, indicating lower spending for COVID-19 relief.
In the fiscal year 2022, which started last October, the government reported a deficit of $360 billion for the seven months, down 81% to $1.932 trillion from the year-earlier deficit.
Year-to-date receipts swelled 39% to $2.986 trillion — a record level for the period — while outlays fell 18% to $3.346 trillion.
Picture Credit: Forbes
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