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May Treasury Deficit Comes In At $135.9 Billion
The May US deficit came in at $135.9 billion, the third highest (or, technically, lowest) May on record, but better than last May's $189.7 billion. This number was made up of total outlays of $282.7 billion and receipts of $146.8 billion, 3rd and 4th highest ever, respectively. Sequentially, the number was $53 billion worse than the April deficit of $82.7 billion. Total interest on Treasury debt was $23.8 billion, or 8% of total outlays. Surprisingly, in May, the DTS announced that only $43 billion of new debt was raised (largely due to a settlement delay of about $100 billion at the end of May which hit the June ledger).
Below is a chart of historical outlays, receipts and total deficits.
And a breakdown of the individual receipt and outlay components:
Full May report.
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U.S. sells $13 bln 30yr bonds at high yield 4.182%
Bid to cover ratio 2.87.
Imagine what happens to those bonds when the inevitable happens and interest rates rise. While the Fed's been able to convince the party goers that there's plenty of booze and ice in the refrigerator, the sun's rising and it's peaking behind the drawn curtains.
The dawn of the dead is about the begin with a vengeance.
It's gonna be hard to create sufficient inflation to get the FED to raise rates with 10%+ unemployment.
You need a lot of people to do a lot of spending...
I've been assuming that Uncle Market will eventually force Uncle Sam to raise rates. I may be wrong but from where I sit, there's room for both higher rates and deflation. But who knows.
If debt is wealth, we're all trillionaires.
Pete Seeger sings it!
http://www.youtube.com/watch?v=DUvfV5ohcu8
... but the fundamentals are getting BETTER.
Right, Leo?
Ain't just Leo: http://www.bloomberg.com/apps/news?pid=20601087&sid=arHIwsgseaHY&pos=2
Leave it to Bloomie to turn a $136B monthly deficit into good news.
LOL
Let's look at the second paragraph.
"The excess of spending over revenue fell to $135.9 billion last month from a shortfall of $189.7 billion in May 2009, according to a report issued today in Washington. For the fiscal year to date, the budget deficit totaled $935.6 billion compared with $992 billion during the prior year to date."
Yup, cover your shorts. This little problem will be taken care of in a few months.
LOL! My word! Nice pickup, docj.
CD, awesome as always.
Let us welcome our Montresor.
That's the GDP of some midsized countries.
Or +3000$ per person!
Actually it's $443 per person. But here at ZH math is an oft forgotten skill.
$433....I hope your refering to the montly number and not YTD. 954B/3.5M > $433.00.
yes that would be 136,000,000,000 / 307,000,000 ~ 443
Here at ZH we treat math the old fashioned way. We cheat. Our inspiration is the Fed, the US government and every single insolvent bank in America.
Why do you speak in redundancies?
"Yeah no worries, the doelarr is weakening and it will lose a lot of value in the coming months. We will pay back the foreigners with monopoly monie!" -Law Wrench Summers
Not to worry, split thoses 10's and double down....http://www.msnbc.msn.com/id/37602308/ns/business-eye_on_the_economy
Deficits don't matter.
It's funny how having the reserve currency is great in good times, but in bad, attempting to devalue your currency to increase exports becomes rather difficult when the world is in as much shit as the States.
Triffin's
Thanks for that! Every day in which you learn is a good day! :)
The real news is that "Stocks Rally Amid Recovery Hopes".... "amid"
I only want to live long enough to see CNBC's downfall. I will consider that a fulfilling life beyond my wildest imagination.
Got Gold?
Yours Truly,
Nathan Wind
unrelated but annoying...
ZH sort this website access out...i'm no tech goon but you're site hit's will go over the moon as the economy continues to collapse.
Thanks.
http://www.zerohedge.com/content/donate-zero-hedge
Thanks, fair enough.
does not accept CC from UAE
Well, if you don't close large insolvent regional banks, you don't have huge outlays.
I'm just sayin'...
Lawdy mercy... another big ole turd headed for the fan.
http://www.gallup.com/poll/110134/Gallup-Daily-US-Job-Market.aspx
Gallup's poll of real people re what they see happening in the workplace remains at late 2008 levels.
Finally we are getting this under control! They saved money by not borrowing as much. LOL
So extrapolating from the above figures, plus the national debt of $13 trillion,
the Federal Government would be like a guy who earns $14,680 per month but spends $28,270? So he borrows $13,590 per month to make ends meet?
And now he owes a total of $1,300,000 on his credit cards which cost him $2,380 a month interest?
Everything is fine until his credit card is declined? Is that the game?
Trying to put the situation in perspective.
Government spending is set to give us a budget deficit nearly equal to last year's $1.6 trillion figure. Moreover, there is no mechanism in place that will reduce this $1.5 to $1.6 trillion deficit level. In fact, if we get our double-dip recession later this year, next year's deficit could grow to $2 trillion. This will end badly.
cool