WASHINGTON — The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.
The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.
The monthly surplus was the first since September.
Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That’s nearly $60 billion lower than the same period a year ago.
Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.