The US government’s budget deficit hit a record high in the first four months of the fiscal year (Carolyn Kaster/AP)The US government’s budget deficit hit 735.7 billion dollars (£533 billion) through the first four months of the budget year — an all-time high for the period — as the pandemic restricted tax revenues and Covid relief spending soared. The Treasury Department reported on Wednesday the deficit so far for the budget year that began on October 1 was 89% higher than the 389.2 billion dollar deficit (£281.4 billion) run up in the same period a year ago. For January, the deficit totalled a record for the month of 182.8 billion dollars (£132.15 billion). All the spending for Covid relief sent the budget deficit for the 2020 fiscal year that ended September 30 to a record 3.1 trillion dollars (£2.24 trillion). That was more than three times the 2019 budget deficit of 984.4 billion dollars.

Source: Irish Independent February 11, 2021 00:33 UTC