Braking Down The News

Federal Surplus Reached Record in April as Taxes, Other Revenue Nearly Doubled

Total spending eased last month from prior year, but cost of servicing debt rose 32%

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WASHINGTON—Federal revenue almost doubled in April compared with a year earlier, reaching a record and driving a monthly government surplus of $308 billion, which Treasury officials said also set a record for the largest monthly surplus.

Government revenue from taxes and other receipts for the month rose by 97% from a year earlier to $864 billion, not adjusting for calendar differences, the Treasury Department reported Wednesday. Federal outlays in April fell by 16% to $555 billion, the Treasury said, reflecting a decline in pandemic-related spending.

 

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