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. The Treasury Department reported Thursday 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. The tax overhaul bill that President Donald Trump pushed through Congress late last year fulfilled a longtime Republican goal of cutting the corporate tax rate.Read more on NewsOK.com
Us Budget Deficit Totals $74.9 Billion In June
NewsOK.com RSS - business >> !The Oklahoman, Daily Oklahoman: Business
Thu, 07/12/2018 - 11:59am
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