June Federal Budget Deficit Comes At ($68.4) Billion, $1 Trillion+ In Deficit Raked Up For First Nine Months
June budget outlays came in at the largest ever for the month. Also 2010 Federal individual income tax collections are running 4.4% lower, or $31 billion below 2009 levels: the economic "recovery" sure isn't causing greater tax receipts. And from the report: "The federal government incurred a deficit of just over $1.0 trillion for the first nine months of fiscal year 2010, CBO estimates, $81 billion less than the roughly $1.1 trillion deficit incurred through June 2009. Revenues so far this year are slightly higher than they were last year at this time; outlays are about 3 percent lower. CBO estimates that receipts in June were $36 billion (or 17 percent) higher than collections in June 2009. Morethan half of that difference stemmed from an increase of $19 billion (or almost 60 percent) in net receipts from corporate income taxes. Gross receipts from those taxes rose by $15 billion (or 37 percent), primarily because of higher estimated payments for the current year; a $4 billion decline in corporate income tax refunds also bolstered net corporate receipts."
Full statement here.