Federal Deficit Down Sharply This Period

Mar 12 01:29 PM US/Eastern By MARTIN CRUTSINGER

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Mar 12 01:29 PM US/Eastern By MARTIN CRUTSINGER

The deficit for the first five months of the budget year is down sharply from a year ago as the growth in government tax collections continues to outpace growth in spending.
The Treasury Department reported that the deficit from October through February totaled $162.2 billion, down 25.5 percent from the same period last year.

That improvement came even though the deficit in February hit $120 billion, up 0.6 percent from last February’s deficit of $119.2 billion.

The government had larger-than-expected surpluses in December and January.

For the budget year that began Oct. 1, revenues are up by 9.3 percent to a record $954.4 billion.

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