US budget deficit shrinks in first 7 months of fiscal year

May 14, 2024

According to the Treasury Department, the federal budget deficit shrank in the first seven months of the fiscal year.

For the fiscal year, the deficit is $855 billion, or 8% less than the same period a year ago. There was a surplus of $210 billion in April, a month that usually sees big inflows of tax payments.

April tax receipts totaled $776 billion, while government spending rose 23%. Seven months into the government's fiscal year, federal spending has outpaced tax receipts by $855 billion. Read more.

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