May Deficit Hits Record $53 Billion

The government posted a record $53.35-billion deficit in May, wiping out a surplus in April and surpassing the previous monthly high set 14 months ago, the Treasury reported Friday.

The May imbalance increased the deficit for the first eight months of fiscal 1991 to $175 billion, up from $151.49 billion during the same period last year.

Revenues so far this year totaled $686.51 billion, up 2.9% from the first eight months of fiscal 1990. Outlays totaled $861.51 billion, 5.3% more than was spent during the same period the year before.

The Bush Administration has projected that the deficit will be less than $300 billion in fiscal 1991, but that would break the previous yearly record of $221.1 billion set in fiscal 1986. The deficit was $220.4 billion last year.

Revenues in May totaled $63.56 billion, down from $69.21 billion in May, 1990. Revenues totaled $140.38 billion during April as the income tax filing deadline arrived. Income taxes in May totaled $20 billion, down from $77.77 billion a month earlier.

Expenditures totaled $116.91 billion in May, up from $110.25 billion in April and $111.76 billion in May, 1990. The deficit is the difference between revenues and outlays.

The previous monthly red ink record was $53.34 billion in March, 1990.