Treasury Posts $89B Surplus due to Student Loan Reversal
The U.S. government posted a rare August surplus of $89 billion due to the reversal of $319 billion in student loan forgiveness costs after the Supreme Court struck down the Biden administration program in June, the Treasury Department said Wednesday.
The August surplus — the first for that month since 1955 — compares to a year-earlier deficit of $220 billion. Receipts last month totaled $283 billion, down 7% or $21 billion from a year earlier, while outlays came to $194 billion after the student loan reversal, down 63% or $329 billion.
