The U.S. federal government registered a budget deficit of about 124.6 billion U.S. dollars in May after a monthly surplus in April, the U.S. Treasury Department announced on Tuesday.

The federal government raked in a revenue of 180.7 billion dollars and registered outlays of 305.3 billion dollars last month, said the department.

The combined budget deficit in the first eight months of the 2012 fiscal year starting in October 2011 stood at 844.5 billion dollars, 8.9 percent lower than the imbalance for the same period of last fiscal year, but still putting the country on track for a deficit of over 1 trillion dollars for the fourth consecutive fiscal year.

The Congressional Budget Office (CBO), a non-partisan budgetary and economic research agency for the U.S. Congress, predicted that the federal government would run a budget deficit of about 1.1 trillion dollars in the current fiscal year which ends on September 30, a slight reduction from the 1.3-trillion-dollar budget gap in the 2011 fiscal year.