COVID-19 relief pushes U.S. budget deficit to a record $3,100,000,000,000
WASHINGTON -- New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year.
The government spent $6.6 trillion last year and borrowed 48 cents of every dollar it spent, CBO said. The numbers amount to a 47% increase in spending, led by $578 billion for the Paycheck Protection Program for smaller businesses, and a $443 billion increase in unemployment benefits over the past six months alone.
Revenues also contributed to the bleak fiscal picture, falling $44 billion to $3.4 trillion, as income tax receipts dropped almost 16% as the jobless rate spiked. Corporate income taxes dropped by 21%, even as Social Security and Medicare payroll taxes climbed 5%. The CBO estimate is preliminary, based on daily Treasury reports, but is likely to match the official numbers due from Treasury and the White House budget office later this month.
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