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Federal Budget Deficit Narrowed 71% in March from Year Earlier
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The federal budget ran a $193 billion deficit during March, a 71% decline from a year earlier, as the government took in more in tax and other revenue while spending edged lower despite higher interest costs on the public debt.
Federal outlays in March fell by 45% to $508 billion, the Treasury Department reported Tuesday, reflecting a sharp decline in pandemic-related spending. Government receipts for the month rose by 18% from a year earlier to $315 billion, not adjusting for calendar differences, the Treasury said.
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