WASHINGTON -- The federal government's April budget surplus rose to $118.9 billion, the largest for any month since 2001, as the fastest economic growth in more than two years buoyed tax revenue.Read it here.
The surplus compares with $57.7 billion in the same month a year earlier. April is typically a surplus month because of the tax deadline for individuals. It's the second year in a row that tax receipts have exceeded government and private forecasts.
"Government tax receipts have moved into overdrive," said Chris Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. "This is a sign the expansion is solid."
Why isn't this front page news? Oh, that's right..., it makes Bush look good.