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Updated: Mon, 12 May 2014 14:31:12 GMT | By Martin Crutsinger, The Associated Press, thecanadianpress.com

US on track for narrowest budget gap since 2008

WASHINGTON - The U.S. government ran a big surplus in April, thanks to a flood of tax payments that helped keep the budget on track for the lowest annual deficit in six years.


US on track for narrowest budget gap since 2008

FILE - In this Monday, Aug. 8, 2011, file photo, a statue of former Treasury Secretary Albert Gallatin stands outside the Treasury Building in Washington. The Treasury Department reports on the federal budget picture for April and for the fiscal year thus far on Monday, May 12, 2014. (AP Photo/Jacquelyn Martin, File)

WASHINGTON - The U.S. government ran a big surplus in April, thanks to a flood of tax payments that helped keep the budget on track for the lowest annual deficit in six years.

The Treasury Department says April's surplus totalled $106.9 billion, down slightly from last April's $112.9 billion surplus. The government typically runs a surplus during April, when individual tax returns are due and corporations must make quarterly tax payments.

Through the first seven months of the 2014 budget year, which began Oct. 1, the deficit totals $306.4 billion. That's down 37 per cent from the same period last year.

The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year. That would be the narrowest gap since 2008.

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