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U.S. federal gov’t reports budget surplus of 59.1 bln dollars in April

11 May 2012 11:34 (UTC +04:00)

Baku - APA-Economics. The U.S. federal government registered a budget surplus of about 59.1 billion U.S. dollars in April, the first monthly black ink in nearly four years, the U.S. Treasury Department announced on Thursday, Xinhua reported.

The federal government raked in a revenue of 318.8 billion dollars last month, evidence of rising government income bolstered by the recovering economy, and registered outlays of 259.7 billion, said the department.

The combined budget deficit in the first seven months of the 2012 fiscal year staring in October 2011 stood at 719.9 billion dollars.

Experts believe the monthly improvement could not buck the trend that the U.S. federal government budget gap would surpass 1 trillion dollars for the fourth consecutive fiscal year.

The U.S. federal government ran a record budget deficit of 1.41 trillion dollars in the 2009 fiscal year, followed by 1.29 trillion in the 2010 fiscal.

The Congressional Budget Office (CBO), a non-partisan budgetary and economic research agency for the U.S. Congress, predicted that the federal government would run a budget deficit of about 1.1 trillion dollars in the current fiscal year.

Democrats and Republicans have locked horns over how to reduce the federal government’s budget deficit and increase revenue in the election year.