Uncle Sam runs $114 billion surplus in April

http://money.cnn.com/2014/05/07/news/economy/april-budget-surplus-cbo/index.html?hpt=hp_t3

The U.S. Treasury Department booked a $114 billion surplus in April, the largest for that month since 2008, according to the latest estimates from the Congressional Budget Office released Wednesday.

For the first seven months of this fiscal year, which began on Oct. 1, the CBO estimates the country has racked up a $301 billion deficit, which is $187 billion lower than it was for the same period last year.

Federal coffers saw a 7% increase in individual income taxes and payroll taxes, a 15% increase in corporate income taxes, and a 37% increase in money paid to Treasury by the Federal Reserve.

Last month, the CBO projected that the 2014 shortfall would decline to 2.8% of gross domestic product -- or $492 billion. That is well below the 4.1% -- or $680 billion -- recorded for fiscal year 2013. To top of page