U.S. Runs Budget Deficit Of $88 Billion In May, Treasury Says

The federal government ran a budget deficit of $88 billion in May, the Treasury Department reported Monday, up from $53 billion in the same month a year ago. Spending was $329 billion in the month, compared to $277 billion in May 2016. Receipts for May were $240 billion, up from $225 billion a year ago. The Treasury said that the monthly deficit would have been much narrower if not for one additional Wednesday in May 2017 and a shift of timing in benefit payments. For the fiscal year to date, the deficit is up 7%. The budget year runs from October through September.