Site last updated: Tuesday, April 28, 2026

Log In

Reset Password
MENU
Butler County's great daily newspaper

Budget deficit hits new record high

WASHINGTON — The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined.

The Treasury Department reported Wednesday that three months into the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago.

The deficit reflects an 18.3% jump in outlays to $1.38 trillion, a record for the period, while revenues fell 0.4% to $803.37 billion. The red ink results from the difference between revenue collections and outlays.

For just the month of December, the deficit totaled a record $143.6 billion.

More in Business

Subscribe to our Daily Newsletter

* indicates required
TODAY'S PHOTOS