WASHINGTON (Pakistan Point News / Sputnik - 11th February, 2021) The US budget deficit stands at $736 billion in the first four months of fiscal 2021, growing $163 billion in January alone, the Treasury Department said in its monthly balance sheet reported on Wednesday.
Outlays for October to January amounted to $1.92 trillion while receipts totaled $1.19 trillion, resulting in the $736 billion deficit, according to the balance sheet.
In January alone, outlays were at $547.5 billion while receipts totaled $384.7 trillion, resulting in the $163 billion deficit.
In fiscal 2020, The Treasury reported a budget deficit of $3.13 trillion.
That budget shortfall came after the issuance of roughly $3 trillion of aid by Congress under the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide grants and loans to US businesses as well as relief to individuals amid the coronavirus pandemic.
The 2021 deficit so far would include an additional $900 billion COVID-19 relief passed under the Trump administration in November. It is set to grow as current president, Joe Biden, seeks Congressional approval for a separate $1.9 trillion stimulus package.
