MNI BRIEF: US May Budget Deficit $316B, FYTD $1.37T

The U.S. government posted a USD316 billion budget deficit for May, a decline compared to the same month last year reflecting a 15% jump in tax receipts, while the fiscal year-to-date deficit continued to widen to USD1.365 trillion through the first eight months of the year, the Treasury Department said Wednesday. 

Outlays in May were a record USD687 billion. For the fiscal year so far, receipts (USD3.482 trillion) and outlays (USD4.846 trillion) were also records though the deficit was not. 

The U.S. government collected a record USD23 billion in customs duties in May, Treasury said.