U.S. Government Ran $116.5 Billion Surplus in June

WASHINGTON — The federal government ran a $116.5 billion surplus in June, the largest June surplus on record and the largest monthly surplus since April 2008 when it was $159 billion, the Treasury reported Thursday.

The surplus followed a $138.7 billion deficit in May and far exceeded the median $40 billion surplus projected for June by economists polled by Thomson Reuters. In June 2012, the government ran a $59.7 billion surplus.

Treasury officials said that the huge surplus was due to a combination of factors, including changes in tax laws, the expiration of the payroll tax holiday, and the strengthening of the economy. They also pointed out that there are usually budget surpluses in June, and that surpluses have occurred in 49 of the last 59 Junes.

Outlays in June totaled $170.1 billion, compared to $335.9 billion in May. Receipts totaled $286.6 billion in June, compared to $197.2 billion for the previous month.

Year to date, there is a $509.8 billion deficit, compared to a $904 billion deficit for the same period last year.

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