With all the fuss over government spending, the federal government reports a rare surplus of $116.5 billion for June, according to the Associated Press. It was the largest surplus in a single month in years, as well as making fiscal year 2013 on track for the lowest annual deficit in five years.
According to the Treasury Department, for the first eight months of FY 2013, the deficit totaled $509.8 billion—$394.4 billion lower than the same period last year.
Dividend payments from Fannie Mae and Freddie Mac to pay back the funds received during the 2008 economic crisis added $66.3 billion to June’s surplus. The Congressional Budget Office estimates the annual deficit will be $670 billion at the end of the fiscal year on Sept. 30. The Obama administration predicts it will be $759 billion. Regardless of the final figure, it will be significantly lower than last year’s deficit of $1.09 trillion. It will be the lowest since Obama took office.
The country’s deficit reached a high of $1.41 trillion in 2009, beginning four months before Obama took office. The last year the federal government ran an annual surplus was in 2001.