U.S. May budget deficit widens to $293B; interest costs hit record $133B

The U.S. government posted a $293 billion budget deficit in May, coming in well above estimates and marking a 32% increase from a year earlier. Interest expenses climbed to a record $133 billion, up 44% year over year. On an annualized basis, interest costs are running at about $1.6 trillion, roughly 30% of tax receipts, underscoring mounting pressure on federal finances.