Updated: 11-Jun-25 14:34 ET
Highlights
- The Treasury Budget for May showed a deficit of $316.0 billion compared to a deficit of $347.1 billion in the same period a year ago.
- The May deficit resulted from outlays ($687.2 billion) exceeding receipts ($371.2 billion).
- The Treasury Budget data are not seasonally adjusted so the May deficit cannot be compared to the April surplus of $258.4 billion.
- Individual Income Taxes were the largest source of receipts in May ($142 billion), followed by Social Insurance & Retirement Receipts ($134 billion).
- The largest outlays by function were Medicare ($149 billion), Social Security ($132 billion), Net Interest ($86 billion), and Health ($80 billion).
- The fiscal year-to-date deficit is $1.365 trillion versus $1.202 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.995 trillion versus $2.026 trillion in April.
- The key takeaway from the report is that the year-to-date deficit is still up a sizable 13.6% year-over-year, though it is down from 22.0% in April, 23.0% in March, and 38.5% in February.
| Category | MAY | APR | MAR | FEB | JAN |
| Deficit (-)/Surplus | $316.0B | $258.4B | -$160.5B | -$307.0B | -$128.6B |
| Deficit (-)/Surplus Fiscal YTD | -$1365.0B | -$1049.0B | -$1307.0B | -$1146.6B | -$839.6B |
| Deficit (-)/Surplus over last 12 months | -$1995.0B | -$2026.0B | -$2074.8B | -$2150.9B | -$2140.1B |
