April Surplus, Largest in 5 Years, Cuts U.S. Budget Deficit
What’s that? The government’s finances aren’t in the toilet? The U.S. posted a rare surplus for the month of April, adding $113 billion to the federal coffers and signaling that the country’s financial outlook is improving. The surplus was the largest in five years, and the government is on track to post the smallest annual deficit since 2008. Over the first seven months of the current budget year, the U.S. deficit was $488 billion, down from $720 billion in the same period last year. Higher tax rates and economic growth are responsible for improving the picture.