CORRECTED-U.S. fiscal 2007 budget deficit falls to $163 bln

Thu Oct 11, 2007 12:37pm EDT

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(Corrects last sentence to say federal deficit peaked in fiscal 2004, not 2007)

WASHINGTON Oct 11 (Reuters) - The U.S. federal budget deficit for fiscal 2007 fell for a third straight year to $163 billion as record tax receipts outstripped record federal spending, the U.S. Treasury Department said on Thursday.

A bumper $111.56 billion surplus for September -- a month with typically large tax collections -- brought the full fiscal year deficit down well below the White House's latest estimate of $205 billion for the fiscal year ended Sept. 30, the Treasury said. Last year's federal deficit was $248 billion after peaking at $413 billion in fiscal 2004.