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US Has $89 Billion Monthly Budget Surplus on Student-Loan Ruling
The US Treasury logged a rare surplus for the month of August as the department accounted for revenue from student-loan payments, reflecting the Supreme Court’s invalidation of the Biden administration’s move to forgive the debt. The federal government had an $89.2 billion surplus for August as officials added $319 billion to revenues because of July’s Supreme Court ruling. Last year, the Biden administration’s student-loan plan had added to the budget deficit, and the August move effectively reverses that. For the first 11 months of the fiscal year, the budget deficit was $1.52 trillion, up more than 60% ... (full story)