US federal budget sees deficit of $316B in May

​​​​​​​By Mucahithan Avcioglu

ISTANBUL (AA) - The US federal budget posted a deficit of $316 billion in May, according to a statement by the US Treasury Department on Wednesday.

The deficit fell 9% year-on-year in the eighth month of the 2025 fiscal year which started Oct. 1, 2024, and will end Sept. 30, 2025.

The government had a deficit of $347 billion in May 2024.

The market expectations for the budget balance for last month was for a deficit of $314.3 billion.

The government's revenues increased 15% to $371 billion in May, while expenditures grew 2% to $687 billion.

The revenues from the customs duties, which President Donald Trump gradually introduced and raised, soared 340% on an annual basis to $22 billion last month.

The cumulative deficit in the first eight months of fiscal 2025 increased 14% compared to the same period of the previous year and rose to $1.36 trillion.

The deficit was at $1.2 trillion in the same period of the previous year.

Expenditures in the first eight months of the fiscal year climbed 8% compared to the same period of the previous year to $4.85 trillion, while revenues rose 6% to $3.48 trillion.

In fiscal 2024, the deficit increased 8% compared to the previous year, rising to $1.8 trillion.

The federal deficit in the 2024 fiscal year was the third largest in US history.