$23.9-Billion Deficit Posted for February
The federal government, after posting a rare budget surplus in January, returned to the deficit column with a $23.9-billion imbalance between spending and revenues in February, the Treasury Department said Monday.
The deficit last month followed a $16.1-billion surplus in January that had occurred because Social Security checks were mailed early and counted in the December spending figures.
For the first five months of the current budget year, the government has run up a deficit of $89.7 billion, 4.9% lower than the red ink in the same period a year ago.
For the entire fiscal year, which ends Sept. 30, the Reagan Administration is projecting a deficit of $146.7 billion, down 2.4% from the $150.4-billion deficit in 1987.
But many forecasters believe the Administration has used overly optimistic projections about the economy.
The Congressional Budget Office is forecasting that the deficit will climb to $157 billion this year, and some private economists are expecting a $170-billion deficit.
Last year, the deficit fell sharply because of a $28-billion windfall in tax payments made by people who sold off long-term assets.
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