The U.S. Treasury's cash balance soared to $897 billion, its highest since May 2022, propelled by increased tax payments. April saw a $210.0 billion surplus, beating expectations, with receipts hitting $776 billion, a 22% surge from last year. Despite this, the deficit is projected to exceed $1.5 trillion for the fiscal year.
This monetary surge is fueled by an uptick in tax contributions from individuals and corporations. Corporate taxes alone contributed approximately $63.5 billion, while non-withheld individual electronic payments and 'other' payments added $86.6 billion and $4.66 billion, respectively, to the Treasury's coffers.
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