Federal Deficit Friday, May 20

The federal government will likely report a surplus of $20 billion for April, the month when the bulk of all U.S. personal-income taxes are paid. The government had a surplus of $8.1 billion in April, 1993, but a tax-rate hike on wealthier families in 1993 lifted this April's receipts. On May 10, Budget Director Leon Panetta said the deficit for fiscal 1994, which ends in September, will total $225 billion, compared with $235 billion projected in February.

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