U.S. budget deficit totals $74.9 billion in June

WASHINGTON – The federal government recorded a $74.9 billion deficit in June, a month when the government often runs a surplus, as corporate taxes dropped sharply compared to a year ago.

The Treasury Department reports that the June deficit pushed the imbalance so far this year to $607.1 billion, 16.1 percent higher than the same period a year ago.

The Congressional Budget Office is forecasting that the deficit for the entire budget year will total $793 billion, reflecting in part the impact of the $1.5 trillion tax cut that Congress approved in December plus increases in government spending lawmakers approved earlier this year.

Treasury’s monthly report showed that revenue from corporate tax payments totaled $41 billion in June, a month when corporations make quarterly payments, down $20 billion from a year ago.