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US budget deficit up 60.7% in first 3 months of budget year

WASHINGTON (AP) — The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion.

That’s 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic pushed outlays up while the economic crisis fueled by the outbreak cut revenue.

The Treasury Department reported Wednesday that with three months gone in the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago.

The deficit, the shortfall between what the government collects in taxes and what it spends, reflects an 18.3% jump in outlays to $1.38 trillion, a record for the period, while revenues fell 0.4% to $803.37 billion.

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Associated Press

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