US Budget deficit hits record high

The US government’s budget deficit hit a record high in the first four months of the fiscal year (Carolyn Kaster/AP)

The US government’s budget deficit hit 735.7 billion dollars (£533 billion) through the first four months of the budget year — an all-time high for the period — as the pandemic restricted tax revenues and Covid relief spending soared.

The Treasury Department reported on Wednesday the deficit so far for the budget year that began on October 1 was 89% higher than the 389.2 billion dollar deficit (£281.4 billion) run up in the same period a year ago.