BREAKING: The US Treasury budget surplus fell -$43 billion YoY in April, or -17%, to $215 billion. April typically produces a budget surplus, as the mid-month tax filing deadline brings in a large wave of receipts from individuals and businesses. This comes as receipts fell -$13 billion YoY, to $837 billion. At the same time, outlays rose +$31 billion YoY, to $622 billion, led by higher interest costs and military spending. Gross interest jumped +$10 billion YoY, to $112 billion, the highest monthly reading on record, while military spending jumped +$6 billion YoY, to $73 billion. Despite April’s surplus, the US government has recorded a deficit of $954 billion over the first 7 months of FY2026, the 3rd-highest in history. Deficit spending is extremely high.