$240,418,000,000: Feds Collect Record Taxes in May; Still Run $88,246,000,000 Deficit
(CNSNews.com) - The U.S. Treasury hauled in $240,418,000,000 in total taxes in the month of May, setting a record for inflation-adjusted tax revenues for that month of the year, according to the Monthly Treasury Statement released this week.
Despite these record revenues, however, the federal government still ran a deficit of $88,426,000,000 in May—because it spent $328,844,000,000 in the month.
In the first eight months of fiscal 2017 (October through May), the federal government hauled in $2,169,160,000,000 in total taxes and spent $2,602,013,000,000—thus, running a deficit of $432,853,000,000. Fiscal 2017 will end on Sept. 30, 2017.
Prior to this year, fiscal 2006 held the record for most federal taxes collected in the month of May. That year, the Treasury collected $232,837,160,000 (in constant 2017 dollars) during May.