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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.

An American flag flies above the U.S. Treasury building in Washington, D.C.

Photographer: Al Drago/Bloomberg

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.