Federal Budget Monday, Mar. 21, 2 P.M.

The U.S. Treasury is expected to report a budget deficit for the month of March totaling $44 billion. That's the median projection of economists surveyed by MMS International, a unit of McGraw-Hill Inc. That deficit would be less than the $48.2 billion in red ink posted in March, 1993. If the forecast is correct, the deficit for the first five months of fiscal 1994 would be $120.4 billion, down from $138.8 billion for the same period in 1993. At that pace, the budget gap for all of 1994 is likely to finish the year below the $235 billion projected by the Administration's Office of Management & Budget, largely reflecting increased receipts as a result of the tax hike on upper-income individuals and better-than-expected economic growth.

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