All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.
Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.
Big picture: While the surplus helped the government’s coffers for the month, the longer-term trend is going the other way. The Treasury said the budget deficit for the fiscal year to date is running ahead of the year-ago period, at $385 billion compared to $344 billion. That rising tide of red ink jibes with higher deficits estimated by the CBO, which forecasts a shortfall of $804 billion for the current fiscal year, and even higher deficits later, spurred on by the tax-code overhaul passed late last year.
Posting the link would show that we have blown past the yearly deficit compared to where we were last year, and heading for a record all time high yearly deficit.