Treasury: $57.6 billion deficit in May
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This afternoon, the Treasury Department released the Monthly Treasury Statement for May. The report reveals the U.S. ran a $57.6 billion deficit last month. May’s deficit was significantly lower than the same month last year.
A year ago in May the deficit was $135.9 billion. Receipts were $175 billion in May, the Treasury said, about $28 billion higher than receipts in May 2010. Outlays were $233 billion. This is $50 billion lower compared with a year earlier. Most of the improvement in outlays came from a downward estimate in the cost of the Troubled Asset Relief Program. The May deficit was very close to a congressional estimate. For the first eight months of the fiscal year, the government incurred a budget deficit of $927 billion, $8 billion more than the deficit recorded during the same period last year.
May marks the 32nd straight month the U.S. has ended in the red.