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% 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 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 CBO shows slightly smaller deficits in the short-term, projecting that they will remain below $1 trillion through 2021 but after that will top $1 trillion and will remain above the $1 trillion mark for the rest of the decade.
This year's surplus was down from a $214.3 billion surplus in April 2018. That primarily reflected calendar quirks which had shifted $45 billion in benefit payments into March last year because April 1 fell on a weekend.
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