The Treasury Budget for April showed a deficit of $737.85 billion versus a surplus of $160.3 billion in the same period a year ago.
This budget data is not seasonally adjusted, so the April deficit cannot be compared to the deficit of $118.99 billion for March.
Total receipts of $241.9 billion for April were $293.7 billion less than the year-ago period. Total outlays of $979.7 billion were $604.5 billion more than the year-ago period.
Social Insurance & Retirement ($139 billion), Individual Income Taxes ($75 billion), and Miscellaneous ($19 billion) accounted for the bulk of the April receipts.
The largest outlays by function were Income Security ($307 billion), medicare ($152 billion), General Government ($145 billion), Health ($100 billion), and Social Security ($92 billion).
The budget deficit over the last 12 months is $1.934 trillion versus $1.037 trillion in March.
The fiscal year-to-date deficit is $1.481 trillion versus $530.9 billion for the same period a year ago.The key takeaway from the report is that the huge swing in the budget was a function of the tax filing deadline being extended, and government spending surging, due to stimulus measures employed in response to the COVID-19 impact.
|Deficit (-)/Surplus Fiscal YTD||-$1.481T||-$691.1B||-$544.2B||-$310.3B||-$318.9B|
|Deficit (-)/Surplus over last 12 months||-$1.935T||-$1.037T||-$1.065T||-$1.063T||-$1.022T|