The federal government broke its record-long deficit streak in April, recording its first monthly surplus since the financial collapse at the end of the George W. Bush administration in 2008, according to preliminary figures Monday from theCongressional Budget Office.
Boosted by better tax collections and slightly slower spending, the government notched a $58 billion surplus in April. That’s nearly a $100 billion turnaround from the previous year, when thegovernment ran a $40 billion deficit in the same month.
It is the first monthly surplus under President Obama, and comes 40 months into his tenure.
The numbers suggest that the government’s short-term fiscal picture has improved slightly since the deepest days of the recession, when stimulus spending and tax cuts splashed red across the federal budget.