US Federal Deficit Totals $844.5B Through Eight Months

The federal budget deficit is rapidly approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year.

The Treasury Department says the deficit grew by $124.6 billion in May. That put the deficit through the first eight months of the budget year at $844.5 billion, or 8.9 percent below last year's imbalance for the same period.

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