Federal deficit up more than 60% in first fiscal quarter
(Worthy News) – The federal deficit is up more than 60% for the first quarter of fiscal year 2021 compared to the same period last year, rising to a record-breaking $572.9 billion amid increased spending and declines in revenues.
The Treasury Department’s report found that the deficit from the first three months of the budget year was $216.3 billion more than the beginning of the prior year.
Outlays for the period ended at $1.38 trillion, representing an 18.3% jump, according to the Associated Press. Revenues, on the other hand, slipped .4% to $803.37 billion. December alone saw a record $143.6 billion deficit. [ Source: Washington Examiner (Read More…) ]
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