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Tax revenue jumps 22% in April, but U.S. deficit still looms large

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The U.S. Treasury ran a surplus last month, thanks in part to the April 15th tax deadline. But the federal government is still expected to end the year more than $1.5 trillion in the red.

The U.S. Treasury ran a surplus in April, as tax payments jumped by 22% from a year ago. The federal government is still on track to run a deficit of more than $1.5 trillion this year.

April tax receipts totaled $776 billion — a 22% increase from the previous year. Treasury officials credited part of the jump to the growing number of people working and rising wages. Seven months into the government's fiscal year, federal spending has outpaced tax receipts by $855 billion. The deficit so far is 8% smaller than at this point last year, but still remarkably large for a country with a strong economy and an unemployment rate below 4%.

 

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