The US budget was a surprisingly large $10.98 billion in December despite record outlays as gross corporate tax receipts reached a new high, a Treasury Department report showed today.
December's surplus compared with a $2.85 billion deficit in December 2004 and a $83.06 billion deficit in November. It was the first surplus in December since 2002, a US Treasury official said.
Economists were expecting a $5 billion surplus in the month.
The cumulative deficit for fiscal 2006, which began October 1st, so far was $119.31 billion, slightly higher than the $118.05 billion in the first three months of fiscal 2005.
Outlays jumped to $230.90 billion from $218.60 billion in December a year ago, while receipts were $241.88 billion, up from $215.75 billion in December 2004.