The federal budget in January ran a monthly surplus for the first time since September 2019, as the government took in more in tax and other revenue and spent less on Covid-19 pandemic aid programs.
The surplus last month reached $119 billion, the Treasury Department reported Thursday. Government receipts for the month rose by 21% from a year earlier to $465 billion, not adjusting for calendar differences. Federal spending, meanwhile, fell in January by 37% to $346 billion.
