The U.S. budget deficit widened in May by $139 billion, an 11 percent increase from this month last year, the Treasury Department announced Wednesday.
The feds spent $336 billion and took in only $197 billion in May, Treasury reports.
Still, even with this type of lopsided action, the U.S. government is on track to close out the year with a budget deficit below the $1 trillion mark, a first since 2008.
“Overall outlays climbed in May as the government spent more on defense, veterans and other programs than it did a year ago,” MarketWatch reports.
“For the first eight months of the fiscal year, meanwhile, the government’s red ink is declining compared to the year-ago period, thanks to surging tax receipts.”
“For the fiscal year to date, the deficit is 26% lower. The government’s tax income rose 15% in the fiscal year through May, the result of higher rates that went into effect at the beginning of 2013,” the report adds.
For FY2013, the deficit should come in at around $642 billion, according to the Congressional Budget Office. The last time the deficit was this low was in 2008 when it came in at about the $455 billion.
The government’s fiscal year runs through October.
Here’s the full report:
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