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Federal Deficit Sharply Lower
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| Contributor | kal |
| Last Edited | kal Jun 12, 2007 04:55pm |
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| Category | News |
| News Date | Tuesday, June 12, 2007 10:55:00 PM UTC0:0 |
| Description | The federal deficit is running sharply lower through the first eight months of this budget year as growth in revenues continues to outpace the growth in spending.
The Treasury Department said that the deficit through May totaled $148.5 billion, down 34.6 percent from the same period a year ago.
That improvement came even though the deficit in May increased to $67.7 billion, up 57.8 percent from May 2006. However, analysts attributed this big increase to the fact that the Internal Revenue Service was more efficient in processing tax returns this year, meaning more revenue was collected in April with fewer tax collections left to be counted in May.
For the year, revenue and spending are both at record levels. Revenue gains are up 8 percent while outlays are up at a slower pace of 2.5 percent, compared to the same period a year ago. Growth in spending has been slower this year in part because of the absence of last year's huge outlays for hurricane relief.
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