UNITED STATES (OBSERVATORY) – The government posted a budget deficit of 147 billion dollars in May, up 66 percent from the same month last year, with the budget hurt by falling revenues and higher spending, US Treasury Department data showed on Tuesday.
The Treasury Department announced a deficit of $ 88 billion in the same month last year, according to the ministry’s monthly budget statement.
Economists polled by Reuters had expected the ministry to record a deficit of $ 144 billion in May.
Economists worry that reducing Trump’s corporate and individual tax and government spending will cause the deficit to rise despite the robustness of the economy, whose unemployment rate has fallen to an 18-year low.
The fiscal deficit, which began in October, was $ 532 billion, compared with a deficit of $ 433 billion in the same period of fiscal year 2017.