Reported about 1 year ago
The U.S. Treasury Department reported a $347 billion budget deficit for May, significantly higher than the $240 billion deficit from the previous year. This increase was attributed to advanced payments of June benefits and higher spending on interest, Social Security, and defense. Total outlays for May reached a record $671 billion, a 22% jump from May 2023, partly due to $93 billion in June federal benefit payments made in May. Receipts for May increased by 5% to $324 billion, with a correction made for a previous $20.5 billion misclassification. The government's deficit for the first eight months of the 2024 fiscal year was $1.202 trillion, up by 3% compared to the same period last year, while receipts increased by 10% to $3.288 trillion and outlays rose by 8% to $4.49 trillion. This information was provided by the U.S. Treasury Department on Wednesday.
Source: YAHOO