Federal deficit hits 4-year low

Published: Saturday, January 13, 2007 at 6:01 a.m.
Last Modified: Saturday, January 13, 2007 at 12:26 a.m.
WASHINGTON - The federal deficit has improved significantly in the first three months of the new budget year, helped by surging tax revenue.
In its monthly budget report, the Treasury Department said Friday that the deficit from October through December totaled $80.4 billion, the smallest imbalance for the first three months of a budget year since 2002. The budget year starts Oct. 1. Tax collections are running 8.2 percent higher than a year ago, while government spending is up by just 0.7 percent. Last year's spending totals were boosted by payments to help the victims of the Gulf Coast hurricanes.

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