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U.S. posts $53 billion budget deficit in May

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Staff writer ▼ | June 13, 2016
The United States recorded a budget gap of $53 billion in May 2016, down 38 percent from a $84 billion deficit in the same month a year earlier.
United States budget
U.S. economy   Receipts totaled $225 billion
Outlays fell 7 percent to $277 billion while receipts rose 6 percent to $225 billion. In May 2016, outlays totaled $277 billion as social security accounted for $76 billion, Medicare for $26 billion, defense for $42 billion and interest on debt for $28 billion.

Other outlays accounted for the remaining $104 billion. Meanwhile, receipts totaled $225 billion as individual income taxes accounted for $97 billion, social security and other payroll taxes for $101 billion, corporate income taxes for $5 billion and other taxes and duties for the remaining $22 billion.

However, when accounting for calendar adjustments, May would have shown a $102 billion deficit compared with an adjusted $84 billion deficit a year prior.

The current fiscal year-to-date deficit was $407 billion, up 11 percent from a $367 billion deficit at this time last year.