Imports rise in May and the US budget deficit drops to $132 billion

The US Treasury Department said, on Thursday, May 10, that the government recorded a deficit of about $132 billion in May, which is roughly equivalent to about a third of the deficit in May of the previous year 2020, which amounted to about $399 billion.

In the same vein, the Treasury Department said that revenue in May rose 167% to $ 464 billion.

The ministry also said that during the month of May, withholding taxes from wages rose by 20% to reach $204 billion compared to the same period last year 2020, while corporate taxes in May rose to $18 billion compared to last year when it was estimated. About two billion dollars.

Expenditures in May rose by about 4% compared to the previous year, to an estimated $596 billion, as payments continued to be disbursed for the so-called aid package approved by President Joe Biden, amounting to 1.9 trillion dollars, linked to the Coronavirus.

Revenues increased since the beginning of the year by about 29% compared to the same period in the previous year 2020, to reach approximately 2.607 trillion dollars, while expenditures also increased by 20% to reach 4.671 trillion dollars.