Although analysts had expected a dip into the red, their $110 million estimate proved too optimistic for May. So far this fiscal year, the overall deficit stands at $626 billion, a 26% improvement over 2012's comparable year-to-date period. May notched $197 billion in receipts and $336 billion in outlays.
While spending so far this fiscal year is essentially on par with last year, total receipts have managed a $236 billion (15%) increase. Individual income tax revenues are up 20% year-to-date, while social insurance and retirement receipts have recorded a 15.8% gain.
On the outlays side, defense spending and net interest payments are down compared to the previous year, but Medicare and Social Security spending have managed to offset any significant cuts so far this year.