U.S. Budget Deficit Narrowed to $2.7 Trillion in First 11 Months of Fiscal Year
Treasury says revenue rose 18% to a record $3.6 trillion from October through August, compared with a year earlier
The U.S. budget deficit narrowed to $2.7 trillion during the first 11 months of the fiscal year from $3 trillion in the same period a year earlier, with the gap between spending and revenue declining as the recovery from a pandemic-induced slump boosted taxes.
Outlays for the 11 months through August rose 4%, to a record $6.3 trillion, the Treasury Department said Monday. Spending has been boosted by pandemic-related costs that included tax credits, expanded unemployment compensation, emergency small-business loans and stimulus checks to households, but Treasury officials have said such outlays are generally declining.