The US federal government had a $660 billion budget deficit in March, according to Treasury Department figures on Monday.
This level is a 454% increase from the same month of last year when budget deficit stood at $119 billion in March 2020.
While total outlays increased 160% to $927 billion in March 2021, total receipts stood at just a little over $267 billion — only a 13% increase year-over-year.
Most of the amount in outlays was a direct result of President Joe Biden’s $1.9 trillion COVID-19 relief package that provided $339 billion for economic impact payments to individuals and families.
With the latest result, the cumulative budget deficit through fiscal year 2021 has increased to over $1.7 trillion.
Due to the coronavirus pandemic, the US’ budget deficit totaled $3.1 trillion last year — the highest on record.
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