US Government Runs Huge Deficit in First Nine Fiscal Months

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Last updated at: (Beijing Time) Saturday, July 20, 2002

US Government Runs Huge Deficit in First Nine Fiscal Months

The US government is running a deficit of 118 billion dollars for the first nine months of the fiscal year 2002, a reversal from the sizable surplus recorded forthe same period a year earlier.

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The US government is running a deficit of 118 billion dollars for the first nine months of the fiscal year 2002, a reversal from the sizable surplus recorded forthe same period a year earlier.

The Treasury Department said Friday that government spending totaled 1.5 trillion dollars in the first nine months of the budget year, which started on Oct. 1, a 7.5 percent increase over the same period of the previous year. Total revenues this budget year so far are 1.4 trillion dollars, an 11.4 percent decline.

There was a surplus of 168.9 billion dollars for the first ninemonths of fiscal year of 2001.

The Bush administration now expects the government will run a deficit of 165 billion dollars in the budget year ending Sept. 30.That would be the first government deficit in four years.

For all of fiscal 2001, the US government had a budget surplus of 127 billion dollars, about half the previous year's record total of 237 billion dollars.

Democrats in the US Congress say the deficit was caused by the 10-year, 1.35- trillion-dollar tax cut that President Bush pushed through Congress in the spring.

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