The US Treasury Department reported on Wednesday that "the US government recorded a surplus of $176 billion in April, despite a significant decline in revenues from the record levels seen a year ago, as the deadline to raise the federal debt ceiling approaches."
The surplus decreased by $132 billion or 43% from the previous year's level of $308 billion, which was a historic monthly record achieved due to massive spending during the COVID-19 pandemic and strong stock market performance in 2021.
Revenues in April amounted to $639 billion, the second highest level since the record total of $864 billion in the same month of 2022, but down 26%.
Expenditures also fell by 17% in April to $462 billion, but the figure is expected to rise by 9% to $535 billion after adjusting for calendar-related expenses.
The Treasury Department also announced a "deficit of $925 billion in the first seven months of fiscal year 2023, an increase of 157% from the deficit of $360 billion in the same period last year."
