US Budget Deficit Larger than Expected

The US government budget deficit widened sharply to USD 208 billion in May 2019 from USD 147 billion in the same month last year and compared to market expectations of USD 186 billion.

Total outlays jumped 21 percent from a year earlier to USD 440 billion, with Medicare accounting for USD 98 billion, social security for USD 88 billion, national defense for USD 65 billion, health for USD 49 billion, income security for USD 48 billion, net interest for USD 40 billion, veterans' benefits & services for USD 27 billion, international affairs for USD 11 billion, education for USD 8 billion, and the remaining expenses for USD 5 billion.

Meanwhile, total receipts rose 7 percent to USD 232 billion, with social insurance & retirement accounting for USD 107 billion, individual income taxes for USD 104 billion, excise taxes for USD 8 billion, miscellaneous for USD 8 billion, custom duties for USD 5 billion, estate & gift taxes for USD 1 billion, and corporate income taxes for USD 0.4 billion.

The deficit for the current fiscal year was USD 739 billion, higher than a USD 532 billion gap in the comparable period the year earlier.

When adjusted for calendar effects, the deficit was USD 692 billion for the fiscal year to date versus USD 580 billion in the comparable prior period.

US Budget Deficit Larger than Expected

US Treasury | Joana Ferreira |
6/12/2019 6:10:19 PM