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US records $71 billion budget surplus in June

By Josh Boak

Associated Press

Published: Friday, July 11 2014 12:25 p.m. MDT

This March 27, 2009, file photo shows the Treasury Building in Washington. The Treasury Department releases federal budget data for June on Friday, July 11, 2014.

J. Scott Applewhite, File, Associated Press

Enlarge photo»

WASHINGTON — The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008.

The Treasury Department says the June surplus totaled $71 billion, following a $130 billion deficit in May. The government also ran a surplus in June 2013, bolstered by dividends from Fannie Mae, the mortgage giant under federal conservatorship for the past six years.

For the first nine months of this budget year, the deficit totals $366 billion, down 28 percent from the same period in 2013. Tax receipts are up 8 percent compared to the prior year-to-date, while spending has increased 1 percent.

The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year ending Sept. 30.

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