Tuesday, May 12, 2020 |
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(Worthy News) – The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic pushed it deeply into the red.
The Treasury Department said the budget deficit in April was the first to reflect the enormity of government spending that has been authorized to try to mitigate the economic impact of the crisis. The previous record budget deficit for any month was $235 billion in February 2020.
Until recently, most of the country was under strict lockdown orders and many businesses were shuttered to try to contain the spread of the virus, which has killed more than 80,000 people in the United States. [ Source: Reuters (Read More…) ]
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