Trump's federal budget deficit skyrocketed to $207.8 billion in the month of May

On Wednesday, Business Insider reported that the US budget deficit hit a new high.

"The gap between the amount the government takes in and spends came in at $207.8 billion last month, and the Treasury Department said Wednesday, nearly 42% higher than a year earlier. The increase happened in part because of June 1 falling on a Saturday, a non-business day, meaning some benefit payments were made earlier than usual," the report said.

This story is still developing.