Federal Budget Posts Surplus in April

US Treasury building
Source: Thinkstock
The U.S. Treasury reported today that the U.S. government posted a surplus of $112.9 billion in the month of April. The consensus estimate had called for a surplus of $107.5 billion. In April 2012 the surplus totaled $59.1 billion and the 10-year average surplus in April is $49.7 billion.

The federal deficit for fiscal year 2013, which ends in September, now stands at $488 billion. At the end April 2012, the federal deficit for the fiscal year to date was $719.9 billion.

The Treasury posted total receipts of $1.6 trillion through April, compared with receipts of $1.38 trillion through April 2012. Spending totals $2.09 trillion for the year to date compared with spending of $2.1 trillion in the first seven months of fiscal year 2012.

Looking at the spending total through April, it does not appear that the effects of the $85 billion budget cut known as the sequester has begun to have much effect. As those spending cuts take effect, outlays will shrink, and tax receipts are also likely to shrink.

The total estimated federal deficit for the 2013 fiscal year is $972.9 billion. The Treasury estimates that the deficit in 2014 will shrink even further, to $744.19 billion.

The Monthly Treasury Statement provides much more detail.