US deficit fell in May thanks to increased customs revenues
The U.S. budget deficit was $316 billion in May, down 9 percent from a year earlier, Reuters reports.
The $31 billion drop in the deficit was helped by record tariff revenues imposed by President Donald Trump. They were nearly four times higher in May than a year earlier, at $23 billion. Since the start of the fiscal year in October, U.S. tariff revenues have risen nearly 60 percent to $86 billion.
U.S. budget revenues rose $48 billion, or 15 percent, to $371 billion in May. Spending rose $16 billion, to $687 billion.
On a calendar-adjusted basis, which takes into account benefit payments due in June, the U.S. budget deficit fell 17% in May to $219 billion.
Interest paid on U.S. government debt fell $11 billion, or 10 percent, to $92 billion in May.
Year to date, the U.S. budget deficit has stood at $1.36 trillion.
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