US federal budget surplus $176 billion versus $235 billion expected

Traditionally April is a surplus month as it is the month for US taxpayers to square up their taxes.

• US surplus $176 billion vs $235 billion expected
• revenues fell sharply from record to set a year earlier at down -132 billion or 43% from April 2022 surplus of $308 billion
• revenues for April totaled $639 billion - the 2nd highest level since April 2022 record of $864 billion, but down 26%.
• The bulk of the decline was due to lower non withheld individual tax receipts, reflecting lower stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term capital gains in 2022
• Outlays for April also fell -17% to $462 billion, but after calendar adjustments, they would have risen 9% to 535 billion
• For the 1st 7 months of fiscal year 2023 the deficit is at $925 billion. That is a 157% increase from the $360 billion deficit a year earlier

Ouch... This is not good news, and will be fuel for the GOP to continue to harp on budget cuts as a condition for passing the debt ceiling.