18:23 GMT06 July 2020
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    WASHINGTON (Sputnik) - The US government spent more than three times as much money in May as it received in the income of all kinds, generating a monthly deficit of almost $400 billion, the Department of the Treasury announced in a monthly report issued on Wednesday.

    Total government income and receipts amounted to $173.861 billion, but expenditures were more than three times as high running at $572.682 billion and generating a monthly deficit of $398.821 billion, the Treasury Department figures showed.

    In May, $184 billion were spent on income security, $92 billion on social security, health expenditures stood at $79 billion, and national defence made up $61 billion.

    In total, the federal government budget deficit for the first eight months of the current fiscal year, which started on 1 October 2019, has now reached $1.88 trillion - already higher than any full fiscal year 12-month deficit in US history, according to the Treasury Department data.

    That eight-month deficit more than doubled the $738.6 billion deficit for the same period in the fiscal year 2019, the report read.

    Tags:
    budget deficit, US budget, United States
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