The United States on Tuesday reported a record US$738 billion budget deficit in April, as an explosion in government spending and a shrinking of ...
The United States on Tuesday reported a record US$738 billion budget deficit in April, as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic put it deeply into the red.
The Treasury Department said the budget deficit last month was the first to reflect the enormity of government spending that has been authorized to try to mitigate the economic impact of the crisis, which until recently saw most of the country under strict lockdown orders and many businesses shuttered to contain the spread of the virus.The U.S. Congress approved a US$2.3 trillion rescue package on March 27 and has since added to it, taking total emergency relief spending to around US$3 trillion.
More than 33 million Americans have filed for unemployment benefits since March 21, which equates to roughly one in five jobs, cratering the U.S. government's revenue base.
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