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In August, the federal government had a deficit of about 55 billion. But, in September it had a $41.66 billion budget surplus. That compares to a $35.50 billion surplus a year earlier.
Despite the September surplus, the deficit for fiscal 2002 will still come in at about $159 billion. The administration says the deficit is due to the recession, stock market decline and increased spending-much of that for defense which includes fighting terrorism.
The White House says the deficits will continue until fiscal year 2005.
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About the Author
Ralph Smith has several decades of experience working with federal human resources issues. He has written extensively on a full range of human resources topics in books and newsletters and is a co-founder of two companies and several newsletters on federal human resources. Follow Ralph on Twitter: @RalphSmith47
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