US budget deficit rose 92 percent in May from a year earlier

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US budget deficit rose 92 percent in May from a year earlier

The U.S. government’s budget deficit rose 92% in May from a year earlier to $399 billion, as revenues plummeted and spending surged on efforts to stem the new coronavirus pandemic and the fallout from lockdowns.

Federal revenues fell 25% last month from a year earlier to $174 billion, the Treasury Department said Wednesday. Spending rose 30% to $573 billion.

In the fiscal year to date, the federal budget gap stood at a record $1.88 trillion, up 155% from the first eight months of the 2019 fiscal year. Fiscal year-to-date revenues are down 11% at $2.019 trillion, while outlays are up 29% at $3.9 trillion.

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Federal budget deficit widened to $399 billion in May from $208 billion a year earlier
  • Paul Kiernan
  • www.marketwatch.com
The U.S. government’s budget deficit rose 92% in May from a year earlier to $399 billion, as revenues plummeted and spending surged on efforts to stem the new coronavirus pandemic and the fallout from lockdowns. Federal revenues fell 25% last month from a year earlier to $174 billion, the Treasury Department said Wednesday. Spending...
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