The federal budget in January ran a monthly surplus for the first time since September 2019, as the government took in more in tax and other revenue and spent less on pandemic aid programs.
The surplus last month reached $119 billion, the Treasury Department reported Thursday. Government receipts for the month rose by 21% from a year earlier to $465 billion, not adjusting for calendar differences. Federal spending, meanwhile, fell in January by 37% to $346 billion.
In January of the previous fiscal year, the government ran a deficit of roughly $163 billion.
Federal outlays surged during the pandemic as the government administered programs that provided aid to workers, small businesses and families. That spending has receded as many of the programs, such as monthly child tax credit payments, expired. Government…
