The United States Treasury Department on Tuesday announced a $738 billion budget deficit for April due to an increase in government spending to mitigate the economic hardships from the coronavirus pandemic.
The April budget deficit numbers are the first to show the impact of the federal government’s efforts to provide Americans with relief during the economic downturn caused by the coronavirus pandemic. Back in March, Congress gave the green-light for a $2.3 trillion relief package and has since added to it, putting the total at around $3 trillion, Reuters reported. (RELATED: Dr. Birx Reportedly Believes Coronavirus Death Toll Inflated By Up To 25%)
Government spending for April 2020 was $979.7 billion when compared with the spending of same month form last that is an increase of more than $600 billion, according to MarketWatch. Relief payments to consumers totaled $217 billion in spending while state governments ranked in $142 billion, and unemployment benefits sent out $46 billion.
“They really are striking numbers that I didn’t think I would ever see,” a senior U.S. Treasury official said, according to Reuters. (RELATED: Sen. Rand Paul Criticizes ‘One-Size-Fits-All’ Coronavirus Approaches During Fauci Testimony)
The current fiscal year-to-date deficit stands at $1.48 billion, a large increase from last years which was $530.9 billion, Market Watch reports. The Congressional Budget Office projects the government is projected to bring in $3.7 Trillion in new debt.
The unemployment rate for April stands at 14.7% with payrolls being dropped for approximately 20.5 million workers as of May 8. The total U.S. national debt is at a record $25 trillion.