5/12, 9:12 PM (Source: TeleTrader)
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US budget deficit hits record $738B in April

The United States budget deficit reached an all-time high in April as it amounted to $738 billion as the government opted to delay the Tax Filing Day for July 15, the US Treasury Secretary said in a report on Tuesday. For the 12 months ending April, the budget deficit surged to $1.935 trillion, marking a 12-month record high.

Meanwhile, revenue plunged to $241.86 billion, dropping 55% compared to April 2019 amid the coronavirus crisis, while spending jumped to record-high $979.71 billion in April as the Treasury Department supported the US economy in an attempt to curd the COVID-19 impact.

Breaking the News / GA