U.S. Runs $82 Billion Budget Deficit In May

The federal government ran a budget deficit of $82 billion in May, the Treasury Department reported Wednesday. The May deficit is $48 billion lower than the same month a year ago. The government spent $295 billion in May, which was $35 billion, or 11%, less than a year ago. Total receipts in May were $212 billion, an increase of $12 billion, or 6%, over last year. For the fiscal year to date, the budget deficit is $365 billion, a decrease of 16% from the first eight months of fiscal 2014. The federal government's budget year runs from October through September.