The Treasury Department disclosed the U.S. budget deficit for the past 12 months amounted to $412 billion, the smallest one-year shortfall recorded since August 2008, the Wall Street Journal reported Wednesday.
Nick Timiraos writes Treasury’s data shows the deficit dropped to about $82 billion during the month of May due to higher tax revenue and economic growth.
Reuters reported analysts had projected a $98 billion shortfall for May.
The amount of revenue receipts collected by the government last month climbed 6 percent to $212 billion while government spending fell 11 percent to $295 billion, according to the report by Elvina Nawaguna.
The Treasury also noted the federal deficit is $365 billion seven months into fiscal 2015.
The department implemented emergency measures in mid-March to prevent the country from hitting its debt limit through October or November, according to WSJ.