WASHINGTON — The federal government ran a $70.5 billion budget surplus in June, the Treasury reported Friday.
The surplus followed a $130.0 billion deficit in May.
Outlays in June totaled $253.1 billion, compared to $329.9 billion in May. Receipts totaled $323.6 billion in June, compared to $199.9 billion for the previous month.
Fiscal year to date, there was a $365.9 billion deficit, compared to a $510 billion deficit for the same period last year. The 2014 figure is the lowest deficit for the first nine months of a fiscal year since 2008, a Treasury official said.
In June 2013, the U.S. government ran a $116.5 billion surplus. This surplus was greater than the June 2014 surplus because in June 2013, Fannie Mae's dividend payments to Treasury included recognition of deferred tax assets worth $51 billion. Fifty of the last 60 Junes had surpluses, the Treasury official said.
Year-over-year changes to June results were impacted by timing-related transactions, Treasury said. Taking into account calendar adjustments, June 2014 would have had a $25 billion surplus, which is $59 billion less than the adjusted surplus in June 2013.
