Deficit rises to nearly $2.1T
By Jordan Williams - 06/10/21 05:45 PM EDT
The federal deficit in May rose to nearly $2.1 trillion over the first eight months of fiscal year 2021, according to data from the Treasury Department released Thursday.
Spending from October through May totaled $4.67 trillion, up from the $3.89 trillion in the same period a year ago.
Meanwhile, tax revenues for the first eight months of the fiscal year totaled $2.6 trillion, comparable to the same time period last year.
In May alone, the deficit was $132 billion, down from the same time a year ago, according to the Treasury Department. Federal spending last month reached $596 billion, while revenue climbed to just $464 billion.