Updated: 12-May-25 14:17 ET
| April Treasury Budget |
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| Updated: 12-May-25 14:17 ET |
Highlights
- The Treasury Budget for April showed a surplus of $258.4 billion compared to a surplus of $209.5 billion in the same period a year ago.
- The April surplus resulted from receipts ($850.2 bln) exceeding outlays ($591.8 billion).
- The Treasury Budget data are not seasonally adjusted, so the April surplus cannot be compared to the March deficit of $160.5 billion.
Key Factors
- Individual Income Taxes were the largest source of receipts in April ($537 billion) followed by Social Insurance & Retirement Receipts ($184 billion) and Corporation Income Taxes ($94 billion).
- The largest outlays by function were Social Security ($132 billion), Net Interest ($89 billion), Medicare ($82 bln), Health ($76 billion), and National Defense ($70 billion).
- The fiscal year-to-date deficit is $1.049 trillion versus $855.2 billion for the same period a year ago.
- The budget deficit over the last 12 months is $2.026 trillion versus $2.075 trillion in March.
Big Picture
- The key takeaway from the report is that there was some relief on the deficit side of things with tax receipts swelling in April; however, the budget deficit at this point in the fiscal year is still 22% greater than in fiscal 2024.
| Category | APR | MAR | FEB | JAN | DEC |
| Deficit (-)/Surplus | $258.4B | -$160.5B | -$307.0B | -$128.6B | -$86.7B |
| Deficit (-)/Surplus Fiscal YTD | -$1049.0B | -$1307.0B | -$1146.6B | -$839.6B | -$710.9B |
| Deficit (-)/Surplus over last 12 months | -$2026.0B | -$2074.8B | -$2150.9B | -$2140.1B | -$2033.4B |