5/12, 8:26 PM (Source: TeleTrader)
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US budget deficit hits record high $1.9 trillion

United States Treasury Department revealed on Wednesday that the government ran a $1.9 trillion deficit from October to April, marking a record high for the seven-month period and a 30% increase year-on-year. The budget gap widened as federal spending continued to outpace tax revenue.

Outlays climbed by 22% to $4.1 trillion, another record high caused mostly by pandemic-related spending, such as unemployment benefits, stimulus checks and emergency business loans.

Tax revenue rose by 16% to $2.1 trillion, hitting a record for the seven-month period ending in April. The increases were mostly thanks to bigger tax receipts from wealthy individuals and large corporations.

Breaking the News / LH