US federal deficit tops 400 billion dollars in 11 months

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Last updated at: (Beijing Time) Thursday, September 18, 2003

US federal deficit tops 400 billion dollars in 11 months

The federal deficit of the US government totaled a record high of 400.5 billion dollars in the first 11 months of the 2003 fiscal year, the Treasury Department reported on Wednesday.

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The federal deficit of the US government totaled a record high of 400.5 billion dollars in the first 11 months of the 2003 fiscal year, the Treasury Department reported on Wednesday.

For the 11 months of the current fiscal year starting from Oct.1, 2002, revenues of the US government declined by 4.2 percent to 1.59 trillion dollars compared with the same period a year earlier.

Individual income tax payments totaled 704.2 billion dollars, adecline of 8.1 percent from the same period of the previous year. Corporate tax payments dropped to 101.4 billion, a fall of 13.5 percent.

However, federal spending totaled 1.99 trillion dollars for the11 months, a 7 percent rise from the corresponding period in fiscal year of 2002.

The biggest spending so far in this budget year is Social Security which totaled 468.1 billion dollars. Spending on programsof the Health and Human Services Department and military were 465.7 billion dollars and 355.6 billion dollars respectively.

The US government produced a monthly deficit of 76.5 billion dollars in August, much larger than the 54.7 billion shortfall recorded for the same month of last year.

The Bush administration has predicted that the federal deficit for the entire 2003 budget year will total 455 billion dollars, comparing with the previous record high of 290 billion dollars in 1992.

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