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

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.