The federal government recorded a budget surplus in January. But so far this budget year, the total deficit is 77% higher than the same period a year ago.
Individual income taxes withheld from paychecks total $818 billion for the October-January period, down 3 percent from the same period last year. Corporate income taxes total $73 billion over the four-month period, down 23 percent.
The Congressional Budget Office is projecting that this year's deficit will hit $897 billion, up 15.1 percent from the $779 billion deficit recorded last year. In the CBO's projections for the next decade, it forecasts that the deficit will once again top $1 trillion annually beginning in 2022 and will never fall below $1 trillion over the rest of the forecast period.
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