The Treasury Department reported on Thursday that the U.S. budget deficit exceeded $2 trillion in May amid the continued flow of financial stimulus into a fast-growing economy.
The government's red ink for the month was just under $132 billion, the lowest monthly deficit for the year but still enough to put the overall deficit at $2.063 trillion.
Tax revenue for the month totaled $463.7 billion, the largest inflow since July 2020, while spending reached $595.7 billion, the lowest level since February.
The government is expected to approach a record 2020 deficit of $3.13 trillion with four months left until the end of the fiscal year.
The federal government's debt is now $28.2 trillion.
During the outbreak of the pandemic congress allocated more than $5 trillion in stimulus to help tackle repercussion of the deadly virus, and Lawmakers are still discussing an infrastructure bill that reaches $75 billion.
Meantime, Republicans in Congress have rejected some of President Joe Biden's spending plans, in an attempt to narrow the budget deficit gap.
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