WASHINGTON — The government ran up a deficit of $252.6 billion in the first six months of the 2003 budget year, nearly twice the total for the same period a year earlier, the Treasury Department reported Friday.
Record deficits are forecast this year and next as the government's financial situation continues to deteriorate.
The deficit so far this fiscal year, from October through March, compares with a shortfall of $131.9 billion a year earlier.
Revenues were down 6.1% to $825.2 billion for the six months in comparison to the same period a year earlier. That partly reflected lower tax revenue from the listless economy.
Individual income tax payments totaled $372.1 billion, representing a 6.8% decline from the previous year. Corporate tax payments plunged 43% to $44.6 billion. That sharp drop reflected in part the effect of business tax cuts enacted last year and weaker profits, the Congressional Budget Office said.