US budget deficit up 60.7% in first 3 months of budget year

[Omaha Steve]

Source: AP

By MARTIN CRUTSINGER

WASHINGTON (AP) — The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined.

The Treasury Department reported Wednesday that three months into the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago.

The deficit reflects an 18.3% jump in outlays to $1.38 trillion, a record for the period, while revenues fell 0.4% to $803.37 billion. The red ink results from the difference between revenue collections and outlays.

For just the month of December, the deficit totaled a record $143.6 billion.



FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington. The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion. The Treasury Department reported Wednesday, Jan. 13, 2021 that with three months gone in the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago. (AP Photo/J. Scott Applewhite, File)


Read more: https://apnews.com/article/financial-markets-us-news-coronavirus-pandemic-b58c5cf6b396a779839fd40bd78dc3b5

[PSPS]

1. So? This is entirely expected.

1. There's a once-in-lifetime worldwide pandemic; and,
2. You have been shoveling the treasury into your pockets non-stop; and,
3. You already gave away the store with your tax giveaways to the rich.

[keithbvadu2]

2. On 20 Jan, the Tea Party will be worried about the debt/deficit again.

On 20 Jan, the Tea Party will be worried about the debt/deficit again.

Susan Collins might even get concerned.

[ffr]

3. I bet if T---- concentrated hard enough on it, he could solve the budget deficit like no one

else ever could. Believe me!

[durablend]

4. Of course it is!

And what a time for it. Clearly Republicans will need to put a stop to it!