U.S. Government Records $347 Billion May Budget Deficit Amid Increased Outlays and Early Benefit Payments

1. May Budget Deficit:
   – The U.S. government recorded a $347 billion budget deficit in May, a significant increase from the $240 billion deficit recorded in May 2023. This rise was attributed to the pre-payment of some June benefits and higher outlays for interest, Social Security, and defense, according to the Treasury Department.

2. Outlays for May:
   – Total outlays for May rose to $671 billion, setting a record for the month and marking a 22% increase from May 2023. This increase was partly due to the payment of $93 billion in June federal benefits during May, as June 1 fell on a Saturday.

3. May Receipts:
   – May receipts amounted to $324 billion, a 5% increase from May 2023. This total included a correction for an April anomaly that had previously misclassified $20.5 billion in corporate taxes as withheld Medicare taxes, as explained by a U.S. Treasury official.

4. Fiscal Year Deficit:
   – For the first eight months of the 2024 fiscal year, the government’s deficit reached $1.202 trillion, up 3% from the $1.165 trillion deficit recorded during the same period the previous year.

5. Year-to-Date Receipts:
   – Year-to-date receipts totaled $3.288 trillion, representing a 10% increase from the previous year.

6. Year-to-Date Outlays:
   – Year-to-date outlays amounted to $4.49 trillion, which is an 8% increase from the same period in the prior year, according to the Treasury Department.