US government ran $51.8 billion surplus in June; deficit for entire year running lower

Markets Associated Press

The U.S. government ran a budget surplus in June, leaving the budget deficit so far this year running under last year's level.

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The Treasury Department says the surplus in June totaled $51.8 billion, compared to a surplus of $70.5 billion a year ago. However, the larger 2014 monthly surplus was heavily influenced by a timing quirk that had moved June benefit payments into May last year because June 1 fell on a Saturday.

For the current budget year, the government is running a deficit of $313.4 billion, a 14.3 percent reduction from the imbalance run up during the first nine months of the previous budget year.

The Congress Budget Office is forecasting that the deficit for the entire budget year will be $486 billion, about the same as last year.