US Budget Deficit Widens 67.6% YoY In May

The US government posted a USD 88 billion budget deficit in May of 2017, compared to a USD 52.5 billion gap a year earlier and slightly above market expectations of a USD 86.5 billion shortfall. Outlays jumped 19 percent to USD 329 billion while receipts rose by 7 percent to USD 240 billion.

In May, social security accounted for USD 79 billion of total outlays, medicare for USD 51 billion, defense for USD 49 billion, interest on debt for USD 25 billion and other expenses for the remaining USD 125 billion. Regarding receipts, social security and other payroll taxes accounted for USD 106 billion, individual income taxes for USD 104 billion, corporate income taxes for USD 6 billion and other taxes and duties for the remaining USD 24 billion.

When adjusting for calendar effects, the May 2017 deficit was USD 98 billion compared with a USD 92 billion gap a year ago.

The fiscal 2017 year-to-date deficit increased to USD 433 billion compared with USD 405 billion in the same period of fiscal 2016.

US Budget Deficit Widens 67.6% YoY In May

US Treasury | Joana Taborda |
6/12/2017 6:12:39 PM