WASHINGTON (AP) — The federal government recorded a $160.3 billion surplus in April as revenues jumped to an all-time high. But even with a flood of tax receipts, the deficit so far this year is running 37.7% higher than a year ago.
The Treasury Department says the deficit for the first seven months of the budget year that began Oct. 1 totals $530.9 billion, compared to a deficit of $385.5 billion for the same period a year ago.
The Trump administration projected in March that this year’s deficit will hit $1.1 trillion, up from an actual deficit of $779 billion for the budget year that ended Sept. 30.
The administration is projecting the deficit will stay above $1 trillion for four straight years.