U.S. Deficit Shrinks in May, But Fiscal Year Shortfall Still Deepens Amid Tax and Spending Debate
The U.S. government recorded a $316 billion budget deficit in May, the Treasury Department reported, marking a 9% year-over-year decline as rising revenues and calendar adjustments pointed to potential fiscal improvement. When accounting for timing shifts in benefit payments, the adjusted deficit narrowed to $219 billion, a 17% drop compared to May 2024.