WASHINGTON — The federal government ran a $138.7 billion budget deficit in May after posting a $112.9 billion surplus the previous month, the Treasury Department reported Wednesday.
The budget deficit exceeded the $110 billion deficit projected by economists polled by Thomson Reuters and was nearly $14 billion or 11% larger than the $124.6 billion deficit posted for May 2012.
Outlays in May 2013 totaled $335.9 billion, compared to $293.8 billion in April, and were up about $31 billion or 10% from $305.3 billion in May 2012.
Receipts totaled $197.2 billion, compared to $406.7 billion in income-tax fueled April, and were up about $16 billion or 9% from $180.7 billion a year ago.
A senior Treasury official said the May 2013 deficit should be analyzed as being smaller, because $33 billion of recurring benefit payments shifted from June into May.
