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The Treasury Department Thursday said the U.S. has racked up a record USD2.1 trillion deficit through the first eight months of the fiscal year, with a USD132 billion deficit in the month of May.
The May federal budget deficit was another shift down in recent months, from April's USD226 billion and March's USD660 billion, as the dispersal of the Biden administration's USD1.9 trillion fiscal relief slows. Receipts in May were USD464 billion, up USD290 billion, or 167%, compared to the year-ago month. Outlays were USD596 billion, up USD23 billion, or 4%, compared to May 2020.
The Treasury Department said the federal deficit in the first eight months of fiscal year 2021 was a record USD2.064 trillion, up USD184 billion compared with the deficit during the same period last year.