POLITICS: PennAve

Treasury reports $107 billion surplus in April, less than estimated

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Taxes,Treasury,PennAve,Joseph Lawler,Economy,Budgets and Deficits,CBO

The Treasury Department reported Monday that the federal government ran a $107 billion surplus in April, the month in which individual income tax returns were due.

That sum was smaller than the Congressional Budget Office had estimated, and also smaller than the $113 billion surplus in April 2013.

Revenues for the month, however, were the largest ever, at $414 billion. That number, however, represented only a 2 percent increase over the previous April's haul of $406 billion. Individual income tax collections, a reflection of earnings and the strength of the economy, were down slightly from the previous year, from $240 billion to $238 billion.

The CBO projects that the 2014 budget deficit will total $492 billion, down from $680 billion in 2013, the first year that the deficit fell below $1 trillion since the financial crisis. In the first seven months of fiscal 2014, the deficit is running at $306 billion, according to the Treasury.

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