Martin Crutsinger
The Huffington Post
July 11, 2013
The federal government on Thursday reported a rare surplus of $116.5 billion in June, the largest for a single month in five years. The gain kept the nation on track for its lowest annual deficit in five years.
The surplus was due in part to $66.3 billion in dividend payments from Fannie Mae and Freddie Mac. The mortgage giants were taken over by the government at the height of the 2008 financial crisis and are now repaying taxpayers for the support they received.
Through the first eight months of the budget year, the deficit has totaled $509.8 billion, according to the Treasury. That’s $394.4 billion lower than the same period last year.
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