U.S. budget surplus soars

U.S. budget surplus soars

WASHINGTON (AFP): The U.S. government surplus soared to a record US$189.80 billion in April from $159.50 billion in the same month last year, the US Treasury announced here Friday.

The April report typically registers the largest monthly surplus of the fiscal year, as it includes tax receipts received ahead of the mid-April deadline for filing income taxes.

The Treasury said overall receipts totaled a record $331.80 billion in April, while outlays came to $142 billion.

The government's interest payments on publicly-held debt totaled $18.63 billion in April and $201.85 billion so far this fiscal year.

Customs duties fell $176 million to $1.48 billion, indicating that imports fell for the month.

The Congressional Budget Office projects a surplus of 281 billion for the fiscal year to September 2001, up from 237 billion in the previous fiscal period.

Before Friday's April budget release, some economists questioned whether the Treasury would continue to receive strong revenues given the weak economy. Merrill Lynch Company forecasts a surplus of only $250 billion this year.