US Fiscal 2021 Budget Deficit Hits Record $1.93Tln - Treasury Data

WASHINGTON (UrduPoint News / Sputnik - 13th May, 2021) The US budget deficit stands at $1.93 trillion in the first seven months of fiscal 2021, after growing by $226 billion in April, the Treasury Department said in its monthly balance sheet reported on Wednesday.

Outlays for October to April amounted to $4.075 trillion while receipts totaled $2.143 trillion, resulting in the $1.93 trillion deficit, according to the balance sheet.

The April deficit follows through with the record monthly deficit of $660 billion in March.

Despite being only seven months into fiscal 2021, the US budget deficit was almost two-thirds of 2020 levels due to huge coronavirus relief spending in the period.

A $900 billion COVID-19 bill was passed under the Trump administration in November while an additional relief of $1.9 trillion was approved under the Biden administration in March.

In fiscal 2020, The Treasury reported a budget deficit of $3.13 trillion. That shortfall came after the issuance of roughly $3 trillion in aid in March 2020 for the pandemic.

The US government's fiscal year began in October.