US Budget Gap Widens to $1.2 Trillion in Fiscal Year Through May
- Bigger interest costs on federal debt have worsened deficit
- Treasury also reports weakening non-withheld tax revenue
The US Capitol in Washington, DC.
Photographer: Stefani Reynolds/AFP/Getty ImagesThis article is for subscribers only.
The US federal government’s budget deficit hit $1.16 trillion for the first eight months of the fiscal year, a 191% increase from a year ago.
The deficit for the month of May was $240 billion, according to data released Monday by the Treasury Department. That’s more than double the deficit in May 2022. Year-on-year comparisons are adjusted to account for calendar differences.