The U.S. government recorded record-high overall and corporate tax receipts on Sept. 15 -- a quarterly deadline for tax payments, the Treasury announced.
Total tax receipts were $85.8 billion on the Friday, compared with the previous one-day record of $71 billion set Sept. 15 last year. Within the overall figure, corporate tax receipts Friday were $71.8 billion, up from $63 billion in September of last year.
The stronger-than-expected corporate profits could help the White House promote a smaller budget deficit than forecast for 2006 and possibly 2007. In a statement, Treasury Undersecretary Randal Quarles said tax receipts for the year are running 11.7 percent higher than last year.
The numbers mean that the federal budget deficit for fiscal 2006, which ends September 30, is likely in line with, or lower tha, the $260 billion forecast by the Congressional Budget Office. The White House Office of Management and Budget projected a $296 billion budget gap for the 2006 fiscal year.
The Congressional Budget Office expects a deficit of $286 billion in fiscal 2007, which begins October 1.
