WASHINGTON (Pakistan Point News / Sputnik - 13th April, 2021) The US budget deficit stands at $1.71 trillion in the first six months of fiscal 2021, after growing by a record $660 billion in March, the Treasury Department said in its monthly balance sheet on Monday.
Outlays for October to March amounted to $3.41 trillion while receipts totaled $1.7 trillion, resulting in the $1.71 trillion deficit, according to the balance sheet.
March also accounted for the single highest monthly deficit for fiscal 2021. Last month's outlays alone were at an all-time high of $927 billion versus receipts at $268 billion, resulting in a net monthly deficit of $660 billion.
In fiscal 2020, The Treasury Department 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 Act to provide grants and loans to US businesses as well as relief to individuals amid the coronavirus pandemic.
The 2021 deficit so far includes an additional $900 billion in coronavirus relief passed under the Trump administration in November. It is expected to include in April the $1.9 trillion COVID-19 bill passed in March under the Biden administration.
