Federal Budget Deficit $87 Billion In May, CBO Estimates

The U.S. government ran a budget deficit of $87 billion in May, the Congressional Budget Office estimated Wednesday. That is $35 billion more than the May 2016 shortfall. The nonpartisan CBO said total receipts were up $15 billion from a year ago, with higher intake of individual taxes reflecting increases in wages and salaries. Spending was up $50 billion from May 2016. For the fiscal year to date, the deficit is $26 billion more than in the first eight months of fiscal 2016.