The May deficit shot up to US$240 billion (S$322.49 billion) from US$66 billion a year earlier. Read more at straitstimes.com.
WASHINGTON DC - The US budget deficit swelled in May from a year earlier as revenue tumbled and Medicare spending surged, the Treasury Department said on Monday in its first monthly accounting of the government’s finances since a deal was reached to suspend the debt limit and avoid a first-ever federal default.
Revenues for May totaled US$307 billion, down 21 per cent from US$389 billion a year earlier, with a decline in non-withheld individual income taxes and higher tax return payments accounting for most of the shortfall. Outlays rose 20 per cent to US$548 billion, with a tripling of spending on the government-run Medicare health programme for seniors driving much of the increase.
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