US Posts $53 Billion Budget Deficit in May

The United States recorded a budget gap of USD 53 billion in May 2016, down 38 percent from a USD 84 billion deficit in the same month a year earlier, as outlays fell 7 percent to USD 277 billion while receipts rose 6 percent to USD 225 billion.

In May 2016, outlays totaled USD 277 billion as social security accounted for USD 76 billion, Medicare for USD 26 billion, defense for USD 42 billion and interest on debt for USD 28 billion. Other outlays accounted for the remaining USD 104 billion. Meanwhile, receipts totaled USD 225 billion as individual income taxes accounted for USD 97 billion, social security and other payroll taxes for USD 101 billion, corporate income taxes for USD 5 billion and other taxes and duties for the remaining USD 22 billion.

However, when accounting for calendar adjustments, May would have shown a USD 102 billion deficit compared with an adjusted USD 84 billion deficit a year prior.

The current fiscal year-to-date deficit was USD 407 billion, up 11 percent from a USD 367 billion deficit at this time last year.

US Posts $53 Billion Budget Deficit in May

US Treasury | Joana Ferreira |
6/10/2016 7:11:44 PM