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US budget deficit widens in May

The U.S. government's budget deficit widened 66.0% year over year to $146.80 billion in May as government revenue fell while spending increased from a year earlier.

Unadjusted receipts fell 9.7% year over year to $217.08 billion, while outlays were up 10.7% to $363.87 billion, according to data from the Treasury Department. Revenues from individual income taxes and corporation income taxes came in at $92.54 billion and $2.93 billion, respectively, while revenues from Social Security and other payroll taxes reached $103.40 billion.

The government spent some $56 billion on defense, $83 billion on Social Security and $53 billion on Medicare.

The budget deficit totaled $532.24 billion in the first eight months of the fiscal year starting October 2017 from $432.85 billion in the first eight months of the last fiscal year. Individual income taxes rose to $1.143 trillion from $1.049 trillion in the year-ago period, while corporation income taxes dropped to $123.71 billion from $165.89 billion.

The Congressional Budget Office said in April that the U.S. budget deficit is projected to top $1 trillion by 2020.