Here’s the deteriorating US budget situation in pictures. From Tyler Durden at zerohedge.com:
The US is starting to admit that it has a spending problem.
According to the latest Monthly Treasury Statement, in May, the US collected $217BN in receipts – consisting of $93BN in individual income tax, $103BN in social security and payroll tax, $3BN in corporate tax and $18BN in other taxes and duties- a drop of 9.7% from the $240.4BN collected last March and a clear reversal from the recent increasing trend…
… even as Federal spending surged, rising 10.7% from $328.8BN last March to $363.9BN last month.
… where the money was spent on social security ($83BN), defense ($56BN), Medicare ($53BN), Interest on Debt ($32BN), and Other ($141BN).
The surge in spending led to a May budget deficit of $146.8 billion, above the consensus estimate of $144BN, a swing from a surplus of $214.3 billion in April and far larger than the deficit of $88.4 billion recorded in May of 2017. This was the biggest March budget deficit since the financial crisis.
To continue reading: US Budget Deficit Hits $530 Billion In 8 Months, As Spending On Interest Explodes