WASHINGTON – The federal government posted a $135.9 billion deficit in May, smaller than economists’ estimates, and the 20th consecutive monthly budget deficit, the Treasury Department reported today.
Outlays totaled $282.7 billion and receipts totaled $146.8 billion.
Economists estimated the federal government would show a $140.0 billion deficit, according to the median forecast from Thomson Reuters.
This was the third-largest May deficit on record, preceded only by May 2009 and 2008. May is historically a deficit month, a Treasury Department official said.
The Treasury Department’s housing and economic recovery programs have cost less in fiscal 2010 year to date compared to the last fiscal year. Spending is also down for the Troubled Asset Relief Program. But the Treasury is spending more in this fiscal year through May on unemployment benefits and tax credit programs.
