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Market Update: US Fiscal Deficit Shrinks by a Third
The US posted a budget deficit of USD 132 billion in May of 2021, about a third of the May 2020 deficit of $399 billion. May has been a deficit month 66 times out of 67 fiscal years since there are usually no major corporate or individual tax due dates in this month. While the final payment of individual taxes for calendar year 2020 were shifted into May 2021, greater outlays associated with the pandemic response still resulted in a deficit this year. Outlays increased 4% from a year earlier to $596 billion in May. Still, expenses for military active duty and retirement, veterans benefits, supplemental security income, and medicare payments to health maintenance organizations and prescription drug plans accelerated into April, because May 1, 2021, the normal payment date, fell on a non-business day. Receipts rose 167% yoy to $464 billion. The year-to-date deficit widened to a record $2.064 trillion. source: Financial Management Service, US Treasury [/s2If]
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