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US Treasury reports $738 bln budget deficit in April

Government spending in April totaled $980 billion, an increase of $604 billion over April 2019, largely due to the release of assistance related to the COVID-19 outbreak, the department said.

Revenues totaled $242 billion in April, $294 billion or 55 percent lower than the same month last year, as certain taxes from individuals and corporations were deferred until July, according to the department.

The budget deficit so far for the fiscal year 2020 that began on Oct. 1, 2019 climbed to $1.481 trillion.

U.S. budget deficits will total more than $3.8 trillion this year, with debt held by the public exceeding the size of the economy by Sept. 30, the end of fiscal year 2020, according to the Committee for a Responsible Federal Budget (CRFB), a nonpartisan watchdog group based in Washington D.C.

Since President Donald Trump took office in 2017, the U.S. national debt has risen from under $20 trillion to over $24 trillion.

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