US: Fiscal year-to-date deficit reaches $1.16 trillion as of May; more than doubling last years

The US government recorded a $240 billion budget deficit in May 2023, according to the Treasury Department. Total receipts for the month were $307 billion, while outlays rose to $548 billion.

In May of the previous year, the deficit was $66 billion, indicating a significant increase in the deficit in May 2023. So far during the fiscal year 2023, which began in October 2022, the deficit has reached $1.164 trillion. In comparison, during the same period last year, the deficit amounted to $426 billion.