US govt posts smaller US$176bil surplus in April

Revenues for April totalled US$639bil (RM2.8 trillion), the second-highest level since the April 2022 record of US$864bil (RM3.84 trillion), but a decrease of 26%. — Reuters

WASHINGTON: The US government reported a US$176bil (RM783.1bil) surplus in April, down sharply from a year-ago record as revenues fell, the US Treasury Department says as a June 1 deadline for a potential debt ceiling default drew closer.

The April surplus, which reflects tax filing season receipts, was down US$132bil (RM587.3bil), or 43%, from an April 2022 surplus of US$308bil (RM1.4 trillion), a record for any month that was fuelled by massive Covid-19 spending and a strong stock market performance in 2021.