US Budget Deficit Soars in May After Jump in Spending, Drop in Revenues
(Worthy News) – The U.S. government’s budget deficit surged in May from the same time a year ago, as federal revenues declined and Medicare spending soared, new Treasury Department data revealed.
According to the Monthly Treasury Statement, the May shortfall surged to $240 billion, up from $66 billion a year earlier. The consensus estimate was a $236 billion deficit. In April, the Treasury reported a $176 billion surplus.
In the first eight months of the current fiscal year, the cumulative deficit totaled $1.165 trillion, up from $426 billion last year. [ Source (Read More…) ]
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