Traditionally April is a surplus month as it is the month for US taxpayers to square up their taxes.
US federal budget
- US surplus $176 billion vs $235 billion expected
- revenues fell sharply from record to set a year earlier at down -132 billion or 43% from April 2022 surplus of $308 billion
- revenues for April totaled $639 billion – the 2nd highest level since April 2022 record of $864 billion, but down 26%.
- The bulk of the decline was due to lower non withheld individual tax receipts, reflecting lower stock market capital gains in 2022
- Outlays for April also fell -17% to $462 billion, but after calendar adjustments, they would have risen 9% to 535 billion
- For the 1st 7 months of fiscal year 2023 the deficit is at $925 billion. That is a 157% increase from the $360 billion deficit a year earlier
Ouch… This is not good news, and will be fuel for the GOP to continue to harp on budget cuts as a condition for passing the debt ceiling.
This article was originally published by Forexlive.com. Read the original article here.