Treasury reports $113B surplus because of FNMA's big contribution
The government will also benefit next month from a $59.4 billion payment from mortgage giant Fannie Mae and a $7 billion payment from Freddie Mac. The mortgage giants are profitable again and are paying dividends to the government in return for the loans the received during the financial crisis.
Treasury Secretary Jacob Lew said in an interview with CNBC Friday that in part because of Fannie's payment, the government's borrowing limit won't be reached until "at least after Labor Day" in early September. Many analysts had expected another budget battle this summer. In 2011, a dispute between the Obama Administration and Congress over whether to raise the limit lasted until the deadline.
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