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.
U.S. Government Records $347 Billion May Budget Deficit Amid Increased Outlays and Early Benefit Payments
I’m Abhishek Sharma, an Advocate based in Delhi, entrepreneur, investor, and founder of BigBreakingWire. I am an enrolled Advocate with a strong interest in entrepreneurship, media, and technology. I founded BigBreakingWire, a digital news platform covering breaking news, business, financial markets, companies, and important developments in India and around the world. I also have a software company and take an active interest in technology, software, AI, digital products, and new business ideas. As an investor, I’m interested in discovering and investing in promising businesses and startups. I look for good ideas, strong founders, practical business models, and opportunities with long-term potential. I enjoy building businesses, learning about new industries, and connecting with people who are working on interesting ideas and opportunities. Advocate | Entrepreneur | Investor | Founder & Editor-in-Chief, BigBreakingWire
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