The US Congress approved a $2.3 trillion rescue package on March 27 and has since added to it, taking total emergency relief spending to around $3 trillion. The government has only reported an April deficit 15 times over the past 66 years, Treasury said. "They really are striking numbers that I didn't think I would ever see," a senior US Treasury official told reporters when asked about the monthly figure, which was also an all-time record budget deficit for any month. In April, receipts totalled $242 billion, down 55% from a year earlier, while outlays surged 161% to $980 billion. The fiscal year-to-date deficit surged to $1.48 trillion compared to a $531 billion deficit in the comparable period in 2019.

Source: bd News24 May 13, 2020 04:30 UTC