FILE – In this Monday, Aug. 8, 2011 file photo, a statue of former Treasury Secretary Albert Gallatin stands outside the Treasury Building in Washington. The Treasury reports on the federal budget deficit for May, on Wednesday, June 12, 2013. (AP Photo/Jacquelyn Martin, File)
WASHINGTON (AP) — The government reported Wednesday that the U.S. budget deficit widened in May by $139 billion. But the annual deficit stayed on track to finish below $1 trillion for the first time since 2008.
Steady economic growth and higher tax rates have boosted the government’s tax revenue. At the same time, government spending has barely increased.
With the May increase, the deficit through the first eight months of this budget year totaled $626 billion, according to the Treasury. That’s $218 billion lower than the same period Login to read more