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.

cmlynski@housingwire.com

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