Report: Feds Collect Record $240.4B in May; Still Run $88.2B Deficit

The federal government collected a record $240.4 billion in taxes in May, but still ran an $88.2 billion deficit for the month because of overspending.

The U.S. Treasury brought in $240,418,000,000 for the month, according to the department's monthly statement reported by CNS News.

The record haul was based on inflation-adjusted tax revenues, according to the report.

But the government ran a deficit of $88,426,000,000 the same month, according to the Treasury.

That was because the federal government spent $328,844,000,000 in May, the Treasury said.

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