The U.S. federal government ran a fiscal deficit of $88 billion during the month of May on receipts of $240 billion and outlays of $329 billion. There is generally a fiscal deficit during the month of May, but this is a greater deficit than last year. Fiscal year-to-date, the deficit is approximately inline with last year.

Rolling annual U.S. Treasury receipts have increased only 0.4% year over year, a level somewhat unusual to see during an economic expansion. Individual income taxes, corporate income taxes, and other receipts are all down from a year ago.