May Budget Deficit Comes In Way Smaller Than A Year Ago

children american flags

Photo: The Associated Press

The budget deficit for the month of May came in at $57.6 billion, way better than last year’s $135.9 billion for the same period.It also came in better than expected for this year, about $1.4 billion less than expectations, which were for a $59 billion deficit.

The improvement comes down to an increase in tax revenue, year-over-year, and the absence of bailout spending from last year.

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