The U.S. government recorded a historic monthly surplus of $258.4 billion in April 2025, according to Treasury Department data. This marks the first monthly surplus of the 2025 fiscal year and stands as the second-largest monthly surplus in U.S. history, surpassed only by the April 2022 surplus of around $300 billion.
Revenues Surge Past Spending in Tax Season
In April, the government spent $591.8 billion while collecting $850.2 billion in revenue. The Treasury attributed the significant surplus to “large individual tax deposits.“
The 2025 fiscal year began on October 1, 2024, and April’s timing played a critical role. It marked the deadline for final payments for the previous year’s taxes, in addition to the first quarterly estimate payments for both individual and business taxes.
Breakdown of Revenue Sources
April’s revenues were fueled by multiple sources:
- Individual income taxes: $537 billion
- Corporate taxes: $94 billion
- Retirement receipts: $184 billion
- Tariff revenue: $15.6 billion
While tariffs contributed a smaller portion overall, the report notes that tariff revenue doubled compared to April 2024, totaling $15.6 billion. The Treasury stated this reflects the tariffs imposed by Trump last month.
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Spending Focused on Social Programs and Defense
Key areas of spending in April included:
- Social Security: $132 billion
- Medicare: $82 billion
- Health: $76 billion
- National defense: $70 billion
Fiscal Year-to-Date Deficit Remains High
Despite April’s surplus, the broader fiscal picture reveals a continued deficit. From October 1, 2024, to April 30, 2025, the government has spent around $4 trillion while bringing in only $3 trillion in revenue, resulting in a $1 trillion deficit so far in the 2025 fiscal year.
