The U.S. Treasury reported a federal budget deficit of $347 billion for the month of May 2024
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This was a record for the month and represented a 22% increase from May 2023.
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The rise in outlays for May was partly due to the payment of $93 billion in June federal benefit payments during May, as June 1 fell on a Saturday
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Additionally, the Congressional Budget Office (CBO) estimated that the federal government borrowed roughly $1.2 trillion in the eight-month period ending in May
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These figures highlight the ongoing challenges of managing the national budget and debt.
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For the first eight months of the 2024 fiscal year, the government's deficit was $1.202 trillion, up 3% from the $1.165 trillion recorded in the year-ago period.
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Year-to-date receipts totaled $3.288 trillion, up 10% from a year earlier
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the government's deficit was $1.202 trillion, up 3% from the $1.165 trillion recorded in the year-ago period.