U.S. govern­ment records $160.3B April sur­plus

The News-Times - - NATION/WORLD -

The fed­eral govern­ment recorded a

$160.3 billion sur­plus in April as rev­enues for the month jumped to an all-time high. But even with a flood of tax re­ceipts, the deficit so far this year is run­ning 37.7 per­cent higher than a year ago.

The Trea­sury De­part­ment re­ported Fri­day that the deficit for the first seven months of the bud­get year that be­gan Oct. 1 to­tals $530.9 billion, com­pared to a deficit of

$385.5 billion for the same pe­riod a year ago. The Trump ad­min­is­tra­tion pro­jected in March that this year’s deficit will hit $1.1 tril­lion, up from last year’s deficit of $779 billion. The ad­min­is­tra­tion is pro­ject­ing the deficit will stay above $1 tril­lion for four straight years be­fore start­ing to de­cline for the rest of the decade.

The deficits have in­creased fol­low­ing con­gres­sional pas­sage in De­cem­ber 2017 of a $1.5 tril­lion tax cut pro­moted by Pres­i­dent Don­ald Trump as well as a boost last year in spend­ing on do­mes­tic and mil­i­tary pro­grams.

The Con­gres­sional Bud­get Of­fice is pro­ject­ing that the deficit this year will climb to $896 billion, smaller than the ad­min­is­tra­tion’s $1.1 tril­lion forecast but still 15 per­cent higher than last year.

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