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The federal government loses money in April. The budget had its first April shortfall since 1983. For the first seven months of the fiscal year, the deficit was $802 billion. That compares to $153 billion for the same period a year ago.
In a statement released on May 8, the CBO said while “in most years, the federal government has run a surplus in April because of the large inflow of tax payments due by April 15,” this year “the budget will show a deficit because of a steep drop in receipts and strong growth in spending.”
Corporate tax receipts totaled $70.8 billion for the year to date versus $171.1 billion, a decrease of 58.6 percent, Treasury said. Individual income tax collections were down 24.2 percent so far this fiscal year to $566.4 billion compared with $747.6 billion in the year-earlier period.
It’s gonna be a looong time before we see a balanced budget again. For the fiscal year ending Sept. 30, the deficit is on pace to reach a record $1.84 trillion.
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