US Budget Deficit Larger than Expected in May

The US budget deficit widened to USD 147.0 billion in May 2018 from USD 88.0 billion in the same month of the previous year, and compared to market expectations of USD 144 billion.

Outlays jumped 11 percent from the same month a year earlier and totaled USD 364 billion, as social security accounted for USD 83 billion, defense for USD 56 billion, Medicare for USD 53 billion and interest on debt for USD 32 billion. Other outlays accounted for the remaining USD 141 billion. 

Meanwhile, receipts fell 10 percent to USD 217 billion as individual income taxes accounted for USD 93 billion, social security and other payroll taxes for USD 103 billion, corporate income taxes for USD 3 billion and other taxes and duties for the remaining USD 18 billion.

When accounting for calendar adjustments, the government's deficit was USD 131 billion compared to an adjusted deficit of USD 88 billion in the same month in the previous year.

The gap for the fiscal year, which began last October, was USD 532 billion, compared to a deficit of USD 433 billion in the same period of the previous fiscal year.

US Budget Deficit Larger than Expected in May

US Treasury | Joana Ferreira |
6/12/2018 6:12:05 PM