The U.S. budget deficit narrowed in May from the prior year, but tariff revenues declined that month as federal refunds began being issued.
Washington registered a $293 billion shortfall last month, down more than 7 percent from a year ago, according to new data the Treasury Department released on June 10.
Economists had forecast a $275 billion deficit.
Federal outlays fell almost 9 percent year over year, totaling about $628 billion.
Social Security was the top budgetary item last month, totaling $140 billion. This was followed by net interest payments ($107 billion), Medicare ($87 billion), healthcare ($82 billion), and defense ($73 billion).
Tax receipts also slipped 10 percent year-over-year to $335 billion.
Social insurance and retirement contributions ($157 billion) and individual income taxes ($152 billion) were the chief revenue generators….