Budget Deficit Jumps to $347 Billion in May as Spending, Interest Costs Soar

The U.S. government budget deficit totaled $347 billion in May, up from a $240 billion deficit in the same month a year earlier, according to the latest Monthly Treasury Statement data. This surpassed the consensus estimate of $250 billion. Eight months into the 2024 fiscal year, the fiscal year-to-date federal shortfall totals $1.202 trillion, compared with a deficit of $1.695 trillion in the entire fiscal year of 2023. In May, outlays rose 22 percent to $670 billion, while revenue climbed 5 percent to $323 billion. Medicare, at $142 billion, and Social Security, at $123 billion, were the top outlays in the month. On a fiscal year-to-date basis, Social Security costs reached $960 billion and Medicare outlays have been $607 billion....