Surging federal tax revenue in April led to the largest monthly budget surplus on record and a dramatically lower deficit through the first seven months of the fiscal year, according to Congressional Budget Office estimates released Monday.
April tax receipts totaled $864 billion, driving a $308 billion surplus last month. Both figures would be the largest since the Treasury Department began keeping records.
Treasury will publish its official monthly statement on Wednesday, but the CBO’s preliminary estimates usually don’t diverge by much.
