WASHINGTON (Reuters) – The United States government recorded a budget deficit of $ 144 billion in December – a record for the month – due to much higher spending on coronavirus aid and unemployment insurance, while revenues increased slightly, the Treasury Department said on Wednesday.
The Treasury said the December deficit compares to a $ 13 billion deficit in December 2019, before the start of the COVID-19 pandemic in the United States.
Revenues for the month increased 3% over the previous year, to $ 346 billion, while expenses increased 40%, to $ 490 billion.
Individual income tax withholding income from December remained stable, while the Treasury recorded increases in unearned income tax and corporate tax payments at the end of the year.
The US deficit accumulated in the first three months of fiscal year 2021, which started on October 1, reached US $ 573 billion, compared to US $ 357 billion in the year before the pandemic.
Revenues in the first three months of the fiscal year were virtually flat at $ 803 billion, while expenses rose 18% to $ 1.376 trillion.
Reporting by David Lawder; Edition by Andrea Ricci