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.
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio
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Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio