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US Budget Marks June Deficit after Corporate Taxes Drop

US Budget Marks June Deficit after Corporate Taxes Drop

MARTIN CRUTSINGER, AP Economics Writer
Created: July 12, 2018 05:22 PM

WASHINGTON (AP) - The federal government recorded a $74.9 billion deficit in June, a month when the government often runs a surplus, as corporate taxes dropped sharply compared to a year ago.

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The Treasury Department reports that the June deficit pushed the imbalance so far this year to $607.1 billion, 16.1 percent higher than the same period a year ago.

The Congressional Budget Office is forecasting that the deficit for the entire budget year will total $793 billion, reflecting in part the impact of the $1.5 trillion tax cut that Congress approved in December plus increases in government spending lawmakers approved earlier this year.

Treasury's monthly report showed that revenue from corporate tax payments totaled $41 billion in June, a month when corporations make quarterly payments, down $20 billion from a year ago.

Credits

MARTIN CRUTSINGER, AP Economics Writer

Copyright 2018 The Associated Press. All rights reserved.

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