Federal Budget: Government has its best quarter since 2022

The Federal Government publishes the spending and revenue numbers on a monthly basis. The charts and tables below give an in-depth review of the Federal Budget, showing where the money is coming from, where it is going to, and the surplus or deficit.

The government fiscal year closes at the end of September, but this analysis will look at the calendar year budget. As shown below, the last three months actually saw two surpluses. April is typically a surplus due to individual tax collections completing on April 15th. Last June saw a deficit of -$71B vs this year’s surplus of $27b. May saw a smaller deficit than last May by $31B.

I would not expect this pattern of smaller deficits and minor surpluses to continue given the massive spending bill that was just signed into law.