US Budget Deficit Inches Closer to $1 Trillion in 1st 5 Months of Fiscal Year

The U.S. government ran a budget deficit of $296 billion in February, slightly lower than the consensus estimate of $298 billion. New Treasury Department data confirmed that Washington’s fiscal year-to-date shortfall is inching closer to $1 trillion. In the first five months of the fiscal year, the budget deficit was $828.135 billion, up roughly 15 percent compared with the same span a year ago, according to the Monthly Treasury Statement (MTS). Federal outlays totaled $567 billion last month, led by Social Security ($121 billion), income security ($90 billion), health ($76 billion), and Medicare ($73 billion). Interest was the fifth-largest budgetary item, clocking in at $67 billion. Gross interest on Treasury debt securities rose $76.162 billion....