U.S. monthly budget surplus climbs

07/12/2013 | Bloomberg

Tax receipts exceeded spending by $116.5 billion in June, producing the largest monthly budget surplus since April 2008, the Treasury Department said. A recovering economy generated more tax revenue, while spending fell 47%. The Obama administration is forecasting that the federal budget deficit will decline to $759 billion this fiscal year, which ends Sept. 30; it would be the smallest deficit in five years. Last month, Standard & Poor's raised the U.S.'s AA+ credit-rating outlook to stable from negative based on receding fiscal risks.

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