By Andy DuehrenWASHINGTON-The federal government spent $240 billion more than it received in revenue in May, a $174 billion wider deficit than in the same month last year. The federal deficit has been growing this fiscal year as spending is higher and tax receipts are lower than during the same period last year. The deficit so far this fiscal year is roughly $1.2 trillion, far larger than the $426 billion deficit the government posted in the first eight months of last fiscal year. Write to Andy Duehren at Andy.Duehren@WSJ.com(END) Dow Jones NewswiresJune 12, 2023 14:41 ET (18:41 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal June 12, 2023 18:47 UTC