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Saturday, May 30, 2020 2:32:09 PM EDT

Treasury Budget Updated 12-May-20 02:35PM ET

The Treasury Budget for April showed a deficit of $737.85 billion versus a surplus of $160.3 billion in the same period a year ago.

This budget data is not seasonally adjusted, so the April deficit cannot be compared to the deficit of $118.99 billion for March.

Total receipts of $241.9 billion for April were $293.7 billion less than the year-ago period. Total outlays of $979.7 billion were $604.5 billion more than the year-ago period.

Social Insurance & Retirement ($139 billion), Individual Income Taxes ($75 billion), and Miscellaneous ($19 billion) accounted for the bulk of the April receipts.

The largest outlays by function were Income Security ($307 billion), medicare ($152 billion), General Government ($145 billion), Health ($100 billion), and Social Security ($92 billion).

The budget deficit over the last 12 months is $1.934 trillion versus $1.037 trillion in March.

The fiscal year-to-date deficit is $1.481 trillion versus $530.9 billion for the same period a year ago.

The key takeaway from the report is that the huge swing in the budget was a function of the tax filing deadline being extended, and government spending surging, due to stimulus measures employed in response to the COVID-19 impact.
Deficit (-)/Surplus-$737.9B-$146.9B-$233.9B$8.7B-$13.5B
Deficit (-)/Surplus Fiscal YTD-$1.481T-$691.1B-$544.2B-$310.3B-$318.9B
Deficit (-)/Surplus over last 12 months-$1.935T-$1.037T-$1.065T-$1.063T-$1.022T