May Deficit Hardly Mars Budget Surplus
The federal government recorded a budget deficit in May as receipts slowed from April’s flood of last-minute tax filers. The May budget deficit was $24 billion compared with a $113.5 billion surplus in April, the Treasury Department said. However, the government is still running an overall surplus this year that is more than double what it was at this time last year--the first year of budget surpluses since 1969. The Clinton administration is forecasting a surplus of $79.3 billion for all of 1999, and congressional accountants are predicting $111 billion.
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