US Federal Budget Deficit Widened in First 8 Months of Fiscal 2018

Source: Wall Street Journal

Updated June 12, 2018 5:43 p.m. ET

WASHINGTON--The U.S. government's budget deficit widened in the first eight months of the fiscal year, reflecting lower revenue from corporate taxes combined with ramped-up government spending.

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%.

Corporate income taxes from October through May were about 25% lower than the first eight months of fiscal 2017, pulling down revenue.

Over the same period, individual income-tax collection rose. Much of this period reflected the months before a tax cut passed in late December took effect. Individual income taxes fell to $92.5 billion in May from $104 billion a year earlier.



Read more: https://www.wsj.com/articles/u-s-federal-budget-deficit-widened-in-first-eight-months-of-fiscal-2018-1528826767