pennfierceiiilivelinerreel| Tax revenue rises U.S. budget surplus reaches $210 billion in April

The U.S. government's budget surplus in April was higher than the same period last year, thanks to increased tax revenue, but higher debt-service costs continued to be a major drag.

The budget surplus for the April month ending with personal income tax filing was US$210 billion, a year-on-year increase of 19%. In the seven months to date this fiscal year, the budget deficit was reported at $855 billion, down 8% year-on-year.

A Treasury official said the filing deadline for some taxpayers whose April income benefited from natural disasters has been adjusted starting from fiscal 2023.

At the same time, the interest burden on U.S. outstanding debt remains a key driver of increased spending. Interest costs for the first seven months of the fiscal year ending April were US$624 billion, a 36% jump from 2023.

The Federal Reserve's aggressive interest rate hike aimed at curbing high inflation pushed higherpennfierceiiilivelinerreelThe cost of debt has increased the burden on the U.S. budget.