During his administration's mid-year congressional review, President Bush said that high tax revenues were responsible for helping the government reduce the budget deficit faster than originally anticipated.
According to the White House, the federal government is projected to finish the fiscal year on Sept. 30 with a deficit of $296 billion, about $127 billion less than initially forecast. Tax receipts will total about $2.4 trillion, close to $119 billion more than expected, thanks largely to a spike in corporate tax payments -- up 19 percent for the fiscal year (and nearly tripling since 2003), compared with an 11 percent increase in overall collections. Last week, the Congressional Budget Office said that corporate payments through June were nearly 26 percent higher than at the same time last year.
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