US Runs Record $738 Billion Deficit in April Amid Coronavirus Pandemic

WASHINGTON (Sputnik) – The United States accumulated a record $738 billion deficit in the month of April amid the ongoing novel coronavirus (COVID-19) pandemic, the Treasury Department revealed in a report on Tuesday.

The monthly Treasury report showed the United States had a $738 billion deficit in April as the federal government grappled with the COVID-19 outbreak in the country.

In April, the report shows, the US government collected $242 billion in revenue but spent $980 billion, which is an increase of $604 billion over April 2019.

The US government has provided up to $4 trillion in coronavirus relief since March, including Economic Impact Payments to individuals and families ($217 billion); Coronavirus Relief Fund payments to state, territorial, local and tribal governments ($142 billion); increases in Medicare and other Department of Health and Human Services programs ($146 billion); and increases in unemployment benefits and other Department of Labor programs ($46 billion).

Overall, if laws currently in place governing spending and revenues generally remained unchanged and no significant additional emergency funding was provided, the federal deficit would be roughly $3.7 trillion in the fiscal year 2020 and $2.1 trillion next year, according to Central Budget Office’s preliminary estimates.

Sourse: sputniknews.com