April was a month for the record books, and now, that includes US Federal Government deficit spending…
(Silver Doctors Editors) The latest Treasury Statement came out for April, 2020.
Here’s a link to the PDF (via Treasury.gov)
Needless to say, the US Federal Government spend at cool trillion in April:
Nearly $750,000 billion of that spending is deficit spending, meaning it just gets added to the national debt.
Some coverage of this record breaking month, from Bloomberg:
The U.S. government’s sweeping fiscal effort to contain the economic damage from the coronavirus pandemic came to light Tuesday in its monthly budget statement, with a record $737.9 billion deficit in the month of April alone.
Two major government relief efforts pushed spending to almost $980 billion, more than 2 1/2 times what it was a year ago, the Treasury Department’s report showed Tuesday. Special payments to individuals and families totaled $217 billion, while Medicare payments, grants to states and local governments and unemployment compensation also contributed to the spending surge.
U.S. posts largest single-month deficit on record in effort to contain virus fallout
April is typically a surplus month for the Treasury as income tax payments come due. Last year during the month, the U.S. had a $160.3 billion surplus. This year, however, receipts fell nearly 55% compared with April 2019, to $241.9 billion. Payments to the government cratered as individual and corporate income taxes declined following the Trump Administration’s decision to push the tax-filing and payment deadline to July 15.