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US Budget Deficit Soars in May After Jump in Spending, Drop in Revenues

US Budget Deficit Soars in May After Jump in Spending, Drop in Revenues
The U.S. Capitol in Washington on May 31, 2023. Stefani Reynolds/AFP via Getty Images
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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.
Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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