Tax & Spend
US Deficit Grows From a Year Ago Fueled by High Borrowing Costs
- US shortfall widened by $347 billion, up 5% from May 2023
- Year-to-date deficit reaches $1.2 trillion, Treasury says
The US Capitol Building in Washington, DC.
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The US government added $347 billion to the deficit in May, up 5% over the same month last year, as elevated borrowing costs continued to drive the growth in spending.
That brought the year-to-date shortfall to $1.2 trillion, slightly lower than for the first eight months of fiscal year 2023, according to data released Wednesday by the Treasury. All the comparison figures are adjusted for calendar differences.