April produces first monthly surplus in nearly four years

Higher revenue and lower spending, along with shifts in certain payments, contributed to the improvement, the report said. 

Receipts in April were $30 billion higher, or 10 percent, than revenue a year ago, CBO estimates. 

For the fiscal year so far, receipts were $74 billion, or 6 percent, higher than the same period last year. However, they were about $20 billion below what CBO had estimated in its most recent budget projections in March.

The largest boost to receipts came from a $14 billion decline in the amount of tax refunds issued. 

Refunds were lower, in large part, because some refunds that would have ordinarily been recorded in April were made in prior months. 

Withheld income and payroll taxes rose by $10 billion, or 7 percent, while non-withheld receipts from those sources, largely from filings of tax returns for tax year 2011, were up by just $2 billion.

In addition, corporate income tax receipts were $3 billion higher than a year ago.

Spending was $69 billion lower last month as defense spending fell by $4 billion, by $2 billion for Medicaid and by $1 billion each for education, family assistance, the U.S. Postal Service and unemployment compensation. 

By contrast, spending on Social Security benefits grew by $4 billion.