During June, receipts exceeded outlays by $34,101 million -- the fourth monthly surplus in the nine months thus far in the current fiscal year. For the fiscal year to date, the federal government ran a cumulative deficit of $75,022 million. This compares with $123,669 million for the same period in the previous fiscal year. This year-to-date number translates into an deficit of $100,029 million when it is projected out to twelve months. That's nearly 39 percent lower than last year's deficit of $163,856 million.

The federal budget deficit in fiscal year 1992 was $290,400 million. Since then it has declined every year. It's not a coincidence that during this period the economy experienced the longest period of low, controlled inflation in three decades.

Byline: Lafferty (MF Merlin)