Citigroup's plans to buy a corporate jet have been grounded.

The canceled deal comes a day after a New York Post report about the plane.

Citigroup received $45 billion from the government as part of a plan to stabilize the banking sector.

The move to buy a plane prompted a chorus of criticism about how banks that have received federal funds are spending the money.

A source says a deposit on the jet will be lost, but will be recoverable once the jet is sold.

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