The Treasury Department said Wednesday that 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. For the full year, it is expected to climb sharply, with the Trump administration forecasting it will top $1 trillion from $779 million last year.
The Congressional Budget Office is forecasting a slightly lower deficit of $896 billion for this year, but that would still be up 15% from the 2018 deficit.
