U.S. runs budget deficit of $173 billion in March, CBO estimates

The federal government ran a budget deficit of $173 billion in March, the Congressional Budget Office estimated Friday, an increase of $65 billion from the same month a year ago. Receipts fell 5% as collection of corporate income taxes dropped due to a change in filing deadlines, CBO said. Spending increased by $55 billion as outlays on Medicare, Medicaid and Social Security all rose.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.