Make Kitco Your Homepage

U.S. Treasury posts record budget surplus in April as revenues soar

Kitco News

May 11 (Reuters) - The U.S. government posted a $308 billion surplus in April -- a record for any month -- as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID-19 pandemic, the Treasury Department said on Wednesday.

The April surplus compares to a $226 billion deficit for April 2021, when receipts were reduced by a one-month delay in the annual tax filing deadline until May 17.

The previous record monthly surplus was $214 billion in April 2018. April has traditionally been a budget surplus month due to the traditional April 15 tax filing deadline, but recent April deficits were recorded in 2009, 2010 and 2011 after a financial crisis, and in 2020 and 2021 due to the COVID-19 pandemic, a Treasury official told reporters.

April receipts rose 97% from a year earlier to $864 billion, also a record for any month, the Treasury said. April outlays fell 16% to $555 billion, reflecting lower spending for COVID-19 relief.

For the first seven months of the 2022 fiscal year, the government reported a deficit of $360 billion, down 81% from the year-earlier deficit $1.932 trillion. Year-to-date receipts swelled by 39% to $2.986 trillion -- a record for the period -- while outlays fell 18% to $3.346 trillion.

Reporting by David Lawder; Editing by Andrea Ricci
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.