Economic Report: U.S. budget surplus for April narrows 25% on spending increases

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An Oct. 18, 2018, photo shows the U.S. Treasury Department building in Washington, D.C.

Solid growth in individual income tax receipts was swamped by a big rise in spending, as the federal surplus for the month of April fell 25% from year-earlier levels, according to data released Friday.

The Treasury Department said it recorded a surplus of $160.3 billion in April, as receipts rose 5% while spending jumped 27%, mostly on the timing shift of having one more business day.

The U.S. typically reports a surplus in April as Americans file their taxes with the Internal Revenue Service.

Excluding that calendar shift, and spending still would have climbed 10% on big increases in defense, health and interest payments.

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