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WASHINGTON—The U.S. government’s budget deficit widened in the first eight months of its fiscal year as spending rose faster than revenues compared with the same period a year earlier.
The deficit, or the difference between the amount of money the federal government spent and what it took in, totaled $532.24 billion in October through May, the Treasury Department said Tuesday. That was 23% more than the deficit of $432.85 billion during the same period a year earlier.
Tuesday’s report showed the federal budget deficit was $146.80 billion in May, 66% wider than the same month a year earlier. Government revenue fell 10% last month compared with a year earlier, while spending grew 11%.