Deficit in July Erases Surplus of Month Before : Economy: $44.6 billion in red ink boosts the imbalance so far in the current fiscal year to $272.3 billion, surpassing the figure for fiscal ’91.

The federal deficit totaled $44.6 billion in July, wiping out an unusual surplus from a month earlier, the Treasury reported Friday.

The gap was 9.2% larger than the $40.8 billion in red ink in July, 1991, and contrasted with a $3.8-billion surplus in June. The black ink in June had been attributed to quarterly tax payments.

The July deficit boosted the imbalance so far in the fiscal year that will end Sept. 30 to $272.3 billion, compared to $218.3 billion at the end of the first 10 months of fiscal 1991.

Last month, the Bush Administration forecast a deficit of $333.5 billion for this fiscal year. It said it had lowered its January forecast of $399.7 billion after Congress failed to act on additional money for the savings and loan bailout.

Still, the deficit would set a record if the forecast is realized. The previous high was $269.5 billion in fiscal 1991.

Revenues so far this year totaled $894.6 billion, up 3% from the $868.5 billion raised in the first 10 months of 1991. But spending jumped 7.3% to $1.17 trillion. The deficit is the difference between income and spending.

In July, revenues totaled $79.1 billion, down from $120.9 billion in June. Revenues totaled $78.6 billion in July, 1991.

Spending in July reached $123.7 billion, up from $117.1 billion a month earlier. Outlays in July, 1991, totaled $119.4 billion.

Individual income taxes last month contributed $35.1 billion to government revenues, down from $38.4 billion during the same month of 1991. Corporate taxes totaled $2.7 billion, up from $1.8 billion in July, 1991.

The Resolution Trust Corp., the agency charged with the S&L; bailout, helped curb the red ink in July. It had net income of $486 million last month and $2.9 billion so far this year.