Budget deficit totals $74.9 billion in June, reflecting tax cut

The federal government recorded a $74.9 billion deficit in June, a month when the government often runs a surplus, as corporate taxes dropped sharply compared with a year ago.

The Treasury Department reported Thursday that the June deficit pushed the imbalance this year to $607.1 billion, 16.1 percent higher than the same period a year ago.

The Congressional Budget Office forecasts that the deficit for the entire budget year will total $793 billion.