A 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