Economics
U.S. May Budget Deficit $399 Billion, Almost Double Year Earlier
An American flag flies above the U.S. Treasury building in Washington, D.C.
Photographer: Al Drago/BloombergThis article is for subscribers only.
The U.S. federal budget deficit almost doubled in May from a year earlier, as government spending surged amid efforts to limit the economic fallout from the coronavirus while revenue slumped.
The shortfall increased to $398.8 billion last month from $207.8 billion in May 2019, the Treasury Department’s report showed Wednesday.