US records $130 billion budget deficit in May

By Martin Crutsinger

Associated Press

Published: Wednesday, June 11 2014 8:05 p.m. MDT

FILE - In this Aug. 8, 2011 file photo, a statue of former Treasury Secretary Albert Gallatin stands outside the Treasury Building in Washington. The Treasury Department releases federal budget data for May on Wednesday, June 11, 2014.

Jacquelyn Martin, Associated Press

Enlarge photo»

WASHINGTON — The U.S. government's monthly budget returned to deficit in May after a big April surplus. But the overall imbalance so far is far smaller than it was the same period last year, putting the country on track for the lowest annual deficit in six years.

The Treasury Department says the May deficit totaled $130 billion after a surplus of $106.9 billion in April, a month when the government usually runs surpluses because of a flood of tax revenues.

For the first eight months of this budget year, the deficit totals $436.4 billion, down from $626.3 billion for the same period in 2013. It was the smallest imbalance since 2008. The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year ending Sept. 30.

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