The US government budget surplus narrowed to USD 160 billion in April 2019 from USD 214 billion in the same month last year and compared to market expectations of USD 165 billion. Federal spending surged 27 percent on the year while receipts were up 5 percent.
Total outlays jumped 27 percent from a year earlier to USD 375 billion, with social security accounting for USD 87 billion, Medicare for USD 55 billion, national defense for USD 55 billion, health for USD 49 billion, income security for USD 46 billion, net interest for USD 38 billion, veterans' benefits & services for USD 17 billion, education for USD 9 billion, transportation for USD 6 billion and the remaining expenses for USD 12 billion.
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Meanwhile, total receipts rose 5 percent to USD 536 billion, with individual income taxes accounting for USD 333 billion, social insurance & retirement for USD 135 billion, corporate income taxes for USD 45 billion, miscellaneous for USD 8 billion, excise taxes for USD 7 billion, custom duties taxes for USD 5 billion and estate & gift taxes for 2 billion.
The deficit for the current fiscal year was USD 531 billion, higher than a USD 385 billion gap a year earlier.
When adjusted for calendar effects, the surplus in April was USD 158 billion, compared to USD 169 billion last year.