As of May, the fiscal year-to-date shortfall in the United States has soared to $1.16 trillion, surpassing last year’s amount in excess of double.
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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.
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