US reports $71 billion surplus in June; projected to have smallest annual deficit in 6 years

The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008.

The Treasury Department says the June surplus totaled $71 billion, following a $130 billion deficit in May. The government also ran a surplus in June 2013, bolstered by dividends from Fannie Mae, the mortgage giant under federal conservatorship for the past six years.

For the first nine months of this budget year, the deficit totals $366 billion, down 28 percent from the same period in 2013. Tax receipts are up 8 percent compared to the prior year-to-date, while spending has increased 1 percent.

The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year ending Sept. 30.