The U.S. government ran a budget surplus of $3 billion in January, the Treasury Department reported, which is the first monthly surplus since September 2012.
The surplus was driven by a 16% increase in revenue compared to January 2012, including from the expiration of a temporary payroll-tax cut at the end of 2012. The payroll-tax cut expiration represented about $9 billion of an overall $13 billion in revenue from individual withheld taxes.
A year ago in January, the government recorded a deficit of $27 billion. There hasn’t been a monthly surplus in January since 2008.Sponsor Content
U.S. Treasury posts monthly budget surplus