Thursday, June 13, 2013

 

U.S. federal budget deficit widens to 139 billion dollars in May

WASHINGTON,- U.S. federal government recorded a budget deficit of 138.7 billion U.S. dollars in May, U.S. Treasury Department figures revealed Wednesday.

The monthly budget deficit was highest since February, after the federal government registered a 112.9 billion dollars in budget surplus in April.

The federal government raked in a revenue of 197.2 billion dollars in May, and reported outlays of 335.9 billion dollars in the same month.

The budget gap for the first eight months of the current fiscal year starting in October last year totaled 626.3 billion dollars.

Due to the ballooning entitlement spending, waning government revenue, as well as massive spending on wars in Iraq and Afghanistan, the U.S. federal government's budget deficit has surpassed 1 trillion dollars for four consecutive years under President Barack Obama's watch.

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