May budget deficit hits record $207.8 billion

FILE - In this May 25, 2019, file photo the U.S. Senate and Capitol dome are seen on Capitol Hill in Washington. On Wednesday, June 12, the Treasury Department releases federal budget data for May.

WASHINGTON (AP) — The federal government's budget deficit in May rose to a record $207.8 billion, 41.5% higher than a year ago. Most of that increase reflected the impact of calendar quirks that shifted $55 billion in June benefit payments into May.

The Treasury Department says the increase in the May deficit from an imbalance of $146.8 billion in May 2018 reflected the fact that because June 1 fell on a Saturday, benefit payments for June were paid out in May.

Through the first eight months of this budget year, the budget deficit totals $738.6 billion, an increase of 38.8% over the same period last year.

Last year's budget deficit of $779 billion is expected to climb sharply this year with the Trump administration forecasting it will top $1 trillion.

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