US Budget Deficit Narrows to $316 Billion in May Amid Rising Tariff Revenue
TL;DR Summary
The US budget deficit for May 2023 reached over $316 billion, increasing the year-to-date shortfall to $1.36 trillion, driven mainly by rising interest costs on the national debt, despite higher tax revenues and tariff collections. The deficit is now over 6% of GDP, raising concerns about fiscal sustainability amid warnings from financial leaders.
- U.S. budget deficit hit $316 billion in May, with annual shortfall up 14% from a year ago CNBC
- US Tariff Revenue Hits Fresh Record, Helping Shrink May Deficit Bloomberg
- Here’s How Much Money the U.S. Is Earning From Tariffs, in Charts WSJ
- US monthly budget deficit falls to $316 billion as tariffs boost customs receipts Reuters
- Federal budget balance dips lower than expected, indicating a deficit By Investing.com Investing.com Nigeria
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
1 min
vs 2 min read
Condensed
84%
337 → 53 words
Want the full story? Read the original article
Read on CNBC