The U.S. government posted a $119 billion budget surplus in January, the first in more than two years, amid strong growth in tax receipts and a sharp drop in pandemic-related outlays, the Treasury Department said on Thursday.
Highlights
- The U.S.
- government posted a $119 billion budget surplus in January, the first in more than two years.
- The January surplus compared to a January 2021 deficit of $163 billion, a record for the month.
- January receipts grew by 21% to $465 billion, boosted by a 21% jump in individual withheld income and payroll taxes.
- January outlays fell 37% as they did not include $142 billion in individual stimulus payments sent in January 2021.
- The surplus last month was the first since the $83 billion reported in September 2019 and the largest since April 2019.