By Erik Wasson - 07/09/13 05:23 PM EDT
From October through June, the federal government ran a deficit nearly $400 billion smaller than that in the comparable period of 2012. The deficit was $512 billion compared to $904 billion, the CBO said.
On New Year’s Day, Congress allowed individual tax rates on families making more than $450,000 to rise and for a 2-percentage point holiday in social insurance payroll taxes to expire. Net corporate receipts rose 17 percent or $29 billion due to a stronger economy.
Spending is down 4 percent or $129 billion compared to the first nine months of fiscal 2012.
For June itself, the government recorded a surplus of $115 billion, compared to a deficit of $60 billion.