US budget deficit hits record $666 billion in March with Biden stimulus disbursed

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US budget deficit hits record $666 billion in March with Biden stimulus disbursed

On Monday, US Treasury Department had issued a statement saying that the US Government of President Biden had reported a budget deficit of $660 billion in March, a record high for the month, as direct pay-checks to Americans under a $1.9 trillion fiscal stimulus package proposed by the US President Joe Biden on early-January had been distributed, pushing forth March budget deficit to an all-time high.

Aside from that, US Treasury Department had added that US budget deficit for the first half of fiscal 2021 which ended on March 31, 2021, swelled to an all-time high of $1.706 trillion compared to a deficit of $743 billion registered at the same time a year earlier.

In point of fact, latest gruesome uptick in US budget deficit on a year-on-year basis came forth in fiscal H1, 2021, as the pandemic’s fiscal fallouts could not take a greater toll on budgetary deficits last year as pandemic-associated lockdowns alongside disbursement of a $1,200 in one-off pay-check for most adult Americans did not begin until April last year, a senior Treasury official said followed by the announcement.

US Government posts third-largest monthly budget deficit in March

Apart from that, according to data from US Treasury Department, US monthly budget deficit on March 2021 has been the third-highest on record, staying behind an all-time high monthly deficit of $864 billion registered on June 2020 alongside a $738 billion reported in April 2020.

In tandem, the US Government had secured an inflow of $268 billion in receipts in March, while outlays had been $927 billion including an additional $339 billion due to a direct payment of $1,400 to most adult Americans under Biden’s $1.9 trillion American Rescue Plan Act enacted last month.