Newspaper article THE JOURNAL RECORD

Deficit May Hit Seven-Year Low

Newspaper article THE JOURNAL RECORD

Deficit May Hit Seven-Year Low

Article excerpt

WASHINGTON (AP) -- The federal deficit totaled $144 billion during the first 11 months of fiscal 1996 and probably will be the smallest annual imbalance in seven years.

The Treasury Department said Monday the red ink so far this year is 15.9 percent below the $171.1 billion during the same period of 1995.

The deficit probably will end the year less than $144 billion, because September usually winds up with a surplus from quarterly income tax payments. In addition, the Treasury said some payments normally made on Sept. 1 were mailed in August this year to avoid a weekend delay. It would be the fourth straight annual decline after the deficit peaked at a record $290.4 billion in 1992 and probably the lowest since $152.5 billion in fiscal 1989. The Clinton administration forecast in July that the deficit for the year ending Sept. 30 would be $116.8 billion, down from its original $160.6 billion forecast last spring and from $163.9 billion in 1995. …

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