U.S. Ran Record $1.9 Trillion Budget Deficit in First Seven Months of Fiscal Year
By Kate Davidson
WASHINGTON -- The U.S. budget gap widened in the first seven
months of the fiscal year, as federal spending continued to outpace
rising tax receipts while the nation recovers from the economic
fallout from the Covid-19 pandemic.
The government ran a $1.9 trillion deficit from October through
April, a record for the seven-month period and a 30% increase from
a year earlier, the Treasury Department said Wednesday. Outlays
rose 22%, to a record $4.1 trillion, driven by higher safety-net
spending such as jobless benefits and nutrition assistance, as well
as Covid-19 relief programs including emergency small business
loans and stimulus checks.
John McCormick contributed to this article.
(END) Dow Jones Newswires
May 12, 2021 14:14 ET (18:14 GMT)
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