Summary
- The U.S. Treasury ran a surplus in April due to a 22% increase in tax payments from the previous year.
- Despite the surplus, the federal government is expected to run a deficit of over $1.5 trillion this year.
- Government spending has outpaced revenue, leading to a deficit of $855 billion so far in the fiscal year.
- White House economic adviser attributes much of the deficit to tax cuts, setting up a potential battle in Congress over extending them.
