WASHINGTON – The federal government recorded a budget deficit of $23.2 billion in December, smaller than a year ago. But for the first three months of this budget year, the deficit is 7.2 percent larger than the same period last year.
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The Treasury Department says the December deficit was 15.2 percent lower than the $27.3 billion imbalance in December 2016. For the first three months of this budget year, the deficit totals $225 billion, up from a deficit of $209.8 billion for the same period a year ago.
Private forecasters expect this year’s deficit to be well above last year’s deficit of $665.8 billion, reflecting increased spending in such areas as defense and hurricane relief and reduced revenues as last month’s major tax cut package takes effect.
