- The Washington Times - Monday, November 7, 2011

The federal government started fiscal 2012 the same way it ended 2011 — in the red.

The government ran a $95 billion deficit in October, the first month of the new fiscal year, according to preliminary estimates from the Congressional Budget Office, marking the 37th straight month the government has taken in less than it spent.

Still, that deficit was lower than the October 2010 gap, mainly because of higher revenues as the economy ticks up slightly.

In fact, individual income tax payments have rebounded after the recession, rising 21.5 percent between fiscal  2010 and 2011 to total $1.1 trillion last year. That offset drops in payroll taxes and corporate income tax payments, which both fell by more than 5 percent.

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