April 7, 2011 / 6:42 PM / 9 years ago

UDATE 1-Budget agency says US deficit ahead of last year

(Adds budget shortfall for March)

WASHINGTON, April 7 (Reuters) - The U.S. budget deficit in the first six months of the current fiscal year totaled $830 billion, $113 billion more than the shortfall for the same period last year, a nonpartisan congressional budget agency said on Thursday.

The Congressional Budget Office said spending and revenues are both higher so far this year. Revenues from corporate taxes in the first half of fiscal 2011, which began Oct. 1, are unchanged from the same period last year, the CBO said in its latest monthly statement.

Individual income and Social Security tax receipts rose. Social Security tax receipts would have been even higher but for a temporary reduction in payroll taxes enacted by lawmakers to help boost economic growth.

The CBO said the monthly deficit for March was an estimated $189 billion, about $124 billion more than the deficit in March 2010. The difference, the agency said, is mostly due to costs adjustments for the Wall Street bailout program called the Troubled Asset Relief Program that reduced outlays for March last year.

But spending for the Medicare healthcare program for the elderly, education programs and debt interest payments were higher in March this year compared to last year, the CBO said.

Reporting by Donna Smith; Editing by Bill Trott

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