Record tax receipts will lead to April having the largest-ever monthly budget surplus for the federal government, according to the nonpartisan Congressional Budget Office. The April surplus will total $218 billion, breaking the prior record of nearly $190 billion set in April 2001.
Greater-than-expected tax receipts drove the surplus. The record $515 billion in receipts for the month was as much as $40 billion more than the agency estimated about a month ago. The prior record for receipts had been $472 billion in April 2015.
The expected April surplus, meanwhile, isn’t keeping the U.S. from running a wider budget deficit for the fiscal year to date. For the first seven months of the budget year, the shortfall totals $382 billion, or $37 billion more than the same period a year ago, CBO estimates. The CBO recently estimated the full-year deficit would be $804 billion, and that trillion-dollar deficits would return in 2020.