Treasury records $116B budget surplus
The federal government posted a budget surplus of $116.5 billion in June due to higher tax receipts and lower spending in the month, according to the U.S. Department of Treasury.
The surplus reflects a one-time boost of $66 billion in June, which is a rescue repayment by government agencies Fannie Mae and Freddie Mac.
The federal government last posted a monthly surplus in April, which came in at roughly $113 billion. Additionally, its the largest surplus since April 2008.
Tax receipts were up 18% year-to-date with corporate taxes also up 16.9%.
Additionally, spending was down 5% from last year with decreases centered in defense and including net interest payments.
Year-to-date for 2013 fiscal year, the government’s budget deficit is down 44% to roughly $510 billion.
In June, receipts on individual’s income, payroll and other assets rose 26%, while corporate revenue increased 11%.
Overall, it was a near record-high surplus for June when compared to last year when the government ran a deficit of $60 billion given the effects of the sequestration and payments from the enterprises.