US sees small surplus in June, but deficit up for year
WASHINGTON — The federal government recorded a small budget surplus in June, but the deficit so far this budget year is still running 26.7 per cent higher than a year ago.
The Treasury Department said Wednesday that the government ran a $6.3 billion surplus in June, a month that is often a surplus month because of quarterly tax payments from individuals and businesses. The surplus in June 2015 was an even larger $50.5 billion.
For the first nine months of this budget year that began Oct. 1, the deficit totals $400.8 billion, wider than a deficit of $316.4 billion for the same period last year. The Congressional Budget Office is forecasting that this year’s deficit will end up at $534 billion, almost 22 per cent higher than the 2015 deficit.
So far this year, government revenue is up a modest 0.9 per cent to $2.47 trillion, while government outlays are up 3.8 per cent to $2.87 trillion.