The federal government broke its record deficit streak in April, notching its first monthly surplus since the end of the Bush administration, according to preliminary estimates released Monday.
The numbers, compiled by the Congressional Budget Office, mark the first monthly surplus under President Obama, who when he took office in January 2009 began a program of boosted spending and continued tax cuts to try to bolster the foundering economy, but saw those efforts splash red ink across the federal budget.
Boosted by better tax collections and slightly slower spending, the government recorded a $58 billion surplus in April. That’s nearly a $100 billion turnaround from April 2011, when the government ran a $40 billion deficit.