U.S. reports record $738 billion budget deficit in April

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Source: Reuters

The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic pushed it deeply into the red.

The fiscal year-to-date deficit surged to $1.48 trillion compared to a $531 billion deficit in the comparable period in 2019, blasting past the previous monthly deficit record of $870 billion in April 2011.

About $283 billion in non-withheld individual income taxes were paid in April 2019, according to Treasury data, and receipts for taxes withheld from worker paychecks, which totaled $114 billion in April 2019, were reduced this year by the jump in unemployment.

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