On Tuesday, the 12th of May 2020, the US Treasury Department had issued a statement saying that the world’s No. 1 economy’s budget deficit had spiked to a jawdropping $738 billion on record last month as a space-dive in government expenses alongside a sharp contraction in revenues amid a stiffer lockdown measure had heaved the deficits down deeper in to the reds.
In tandem, as US April budget deficit had roughly tripled to $738 billion compared to a previous all-time-high recorded on February 2020, the US Treasury Department said in its Tuesday’s (May 12th) statement that the April deficit had been the latest backscattering of the magnanimous scale of government expenses authorized to allay the fiscal fallouts of the pandemic outbreak.
Apart from that, the US Treasury Department had also added in its Tuesday’s (May 12th) statement that the US budget deficit had soared to a record $1.48 trillion from a $531 billion in deficits at the same time a year earlier, marking up the biggest ever monthly rise in budget deficit that had beaten a previous record of $870 billion in the April of 2011.
Meanwhile, referring to the $2.3 trillion in relief bills authorized by the US Congress to ease the consequential repercussions of the pandemic outbreak in the United States, a senior US Treasury official said to a press agency followed by the reveal of the staggering figures on Tuesday (May 12th), “They really are striking numbers that I didn’t think I would ever see. ”