Home / News / CBO: US Posts $109B Budget Surplus in April

CBO: US Posts $109B Budget Surplus in April

budget analysis reviewA Congressional Budget Office report says the U.S. posted a budget surplus of $109 billion for the month of April 2016, about $47 billion less than the amount of surplus recorded in the same month last year.

CBO said Friday the government’s total receipts fell 7 percent to $440 billion during April while overall monthly spending hit $331 billion.

The agency also reported the federal budget deficit amounted to $352 billion over the first seven months of fiscal year 2016, up $69 billion compared with the prior-year period’s shortfall.

The government has earned $1.9 trillion in revenues from corporate and individual income taxes and other sources during the seven-month period, 2.5 percent lower than previously projected by CBO.

CBO noted the amount of government expenditures from October 2015 to April 2016 climbed 4 percent to approximately $2.3 trillion due to increases in spending for Social Security, Medicare, Medicaid and Department of Veterans Affairs programs as well as growth in net interest on the public debt

Check Also

Barbara Barrett Nominated for Air Force Secretary Post; Replacing Heather Wilson

President Trump announced his nomination of Barbara Barrett, former chairwoman of The Aerospace Corp., to be the next U.S. Air Force secretary, CNN reported Tuesday. Barrett will succeed Heather Wilson, who stepped down from the SecAF post to join the University of Texas at El Paso as president, once she receives Senate confirmation. 

Leave a Reply

Your email address will not be published. Required fields are marked *