U.S. Government Posts $165.9B Deficit in May

The federal government posted a $165.9 billion deficit in May, according to Treasury Department figures released yesterday.

The May deficit followed an April surplus of $159.3 billion. IFR Markets predicted a $155.0 billion deficit for the month.

The government took in $124.271 billion in receipts, while spending $290.198 billion.

Receipts on personal income taxes totaled $21.651 billion, bringing the total to $769.209 billion in the current fiscal year. Also, corporation income tax receipts totaled $7.046 billion.

For the fiscal year to date, the government is running a $319.397 billion deficit.

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