May Treasury Budget showed a deficit of $240.3 billion compared to a deficit of $66.2 billion in the same period a year ago.
The deficit in May was the result of outlays ($547.8 billion) exceeding receipts ($307.5 billion).
The Treasury Budget data is not seasonally adjusted so the May 2023 deficit cannot be compared to the April 2023 surplus.
The key takeaway from the report is that the level of outlays was the second highest in fiscal 2023.