Fact Check: "U.S. deficit skyrockets to over $316 billion in May 2023."
What We Know
The claim states that the U.S. deficit reached over $316 billion in May 2023. According to the U.S. Treasury Department, the federal budget deficit indeed totaled approximately $316 billion for that month. This was a significant increase compared to previous months, particularly following a short-lived surplus in April due to tax season receipts. The year-to-date total for the deficit at that time was reported to be around $1.365 trillion, marking a 14% increase from the previous year, although it was 9% lower than the deficit recorded in May 2024.
The Congressional Budget Office (CBO) also corroborates that the federal budget deficit has been influenced by various factors, including rising outlays and interest expenses. In May 2023, interest on the national debt was reported to exceed $92 billion, contributing significantly to the overall deficit.
Analysis
The evidence supporting the claim comes from multiple credible sources, including the U.S. Treasury and the CBO. The Treasury Department's report provides a direct figure for the deficit, while the CBO's analysis offers context regarding the factors influencing the deficit, such as increased outlays and interest payments.
The reliability of these sources is high, as they are official government reports that are regularly published and scrutinized. The Treasury Department's data is particularly relevant because it reflects real-time fiscal operations of the U.S. government. Additionally, the CBO is a nonpartisan agency that provides budgetary and economic analysis, further enhancing the credibility of the information.
While there are other reports that discuss the deficit in broader terms, such as the Monthly Budget Review which details cumulative deficits and fiscal year projections, the specific figure of $316 billion in May 2023 is consistently reported across multiple sources, including Reuters and CNBC.
Conclusion
The claim that the U.S. deficit skyrocketed to over $316 billion in May 2023 is True. The evidence from reliable government sources confirms that the deficit for that month was indeed approximately $316 billion, influenced by various fiscal pressures, including rising interest costs and increased government expenditures.
