This year the US budget has recorded $ 1.9 trillion this year Business and Economic News

This year’s U.S. deficit is 30.3% higher than a $ 1.48 trillion deficit over the same period last year, the Treasury Department said Wednesday.

The U.S. budget deficit hit a record $ 1.9 trillion in the first seven months of this budget, flooded with billions of dollars being spent on coronavirus relief packages.

This year’s deficit is 30.3% higher than a $ 1.48 trillion deficit in the same period a year ago, the U.S. Treasury Department said in a monthly budget report on Wednesday.

The two-year red ink oceans were largely created by the pandemic of the coronavirus, which the government approved a trillion-dollar relief to cover three rounds of individual payments, extra unemployment benefits and support for small businesses.

The deficit for the budget year ended Sept. 30 was a record $ 3.1 trillion, and many private economists believe it will exceed that amount this year. Some predict a $ 3.3 trillion deficit.

For April, the deficit totaled $ 225.6 million, compared to a deficit of $ 738 million in April 2020. This improvement has been reflected in the fact that fewer payments have been made this year and that people who pay taxes every three months have had to meet the usual April deadline. Last year, all tax payments were delayed when the pandemic began.

In the October-April period, revenue was $ 2.14 trillion, up 16.1 percent from the same period a year ago, which was offset by quarterly personal tax payments in April. The April payment was delayed last year after a pandemic closed after 22 million people lost their jobs.

Expenditures in the first seven months of this budget amounted to $ 4.07 trillion, 25.8% more than a year ago, because both times the government approved massive bills to alleviate the pandemic.

The $ 1.93 trillion deficit in the first seven months of this budget year was $ 459.4 trillion higher than the $ 1.48 trillion deficit in the same period a year ago.