U.S. Reports $9.93-Billion Surplus for April
The federal government enjoyed a rare $9.93-billion budget surplus in April as last-minute tax returns swelled government coffers, the Treasury Department said Thursday.
The April revenue boost left the deficit for the year at $126.41 billion.
The Reagan Administration is predicting that the deficit for the full year will total $202.79 billion, down slightly from last year’s record of $211.93 billion.
The improvement for the current 1986 fiscal year, which began Oct. 1, over 1985 would stem in part from $11.7 billion in budget cuts required under the Gramm-Rudman deficit-reduction law.
The Gramm-Rudman law calls for further cuts to shrink the deficit to $144 billion next year with similar reductions in subsequent years until the budget is balanced by 1991.
Total government revenues in April climbed to $91.44 billion, almost double the $49.56 billion March revenue total. For the first seven months of the fiscal year, revenues total $448.31 billion, 3% ahead of the same period last year.
The revenues included $45.12 billion in individual tax payments.
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