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Financial News Network
June 15, 2011 AT 12:02 AM
The Federal Government's budget deficit came in at $58 billion in May, down 58% from May 2010, the Treasury Department reported today in its monthly budget statement.In a once a year revision, the Treasury also said it now expects the Troubled Asset Relief Program to cost a total of $48 billion. That's down from an estimate in August of 2009 that the total cost of the program could reach as high as $341 billion.The government is getting more back for its investments in banks than it originally estimated it would, an official said. The downwardly revised re-estimate doesn't represent money in or out. It is essentially an accounting change.The deficit has totaled $927 billion through the first eight months of the year, down $8 billion from the $935 billion reported over the same period in 2010.The government spent $233 billion in the month, while total receipts were $175 billion. $30.9 billion was spent on interest payments to service the national debt, while receipts increased 19% from last May.