Congress starts new debt cycle

WASHINGTON -- The U.S. government's budget deficit expanded in May, driven by a continued rise in spending and a decline in corporate profits that has strained government revenues.
Federal spending exceeded revenues by $53 billion in May, the Treasury Department said in a monthly update Friday. Over the past year, the deficit totaled $479 billion, up 16% from a year earlier. The main factor is weaker government tax revenue.

A recession cannot be far off.