Federal deficit soars to $660 billion in March, third-largest deficit for a single month in history
by Zachary Halaschak, Economics Reporter | THE WASHINGTON EXAMINER | April 12, 2021 02:59 PM
Federal deficit soars to $660 billion in March, third-largest deficit for a single month in history
Biden's economic gaslighting
The government posted a $660 billion deficit in the month of March as the Biden administration spends money to try to accelerate the recovery from the pandemic.
In total, the United States spent $927 billion and only took in $268 billion in tax revenues last month, according to the Treasury Department’s monthly statement released on Monday. March’s loss brought the total deficit of the last six months to $1.706 trillion.
The $660 billion deficit is the largest deficit for March in history and the third-largest deficit for any month overall, with the other top two both occurring at the outset of the coronavirus pandemic. In 2020, the government reported a $738 billion deficit in April and an $864 billion deficit in June.
President Joe Biden’s $1.9 trillion American Rescue Plan Act provided direct stimulus payments of $1,400 to people, with even more going to those who have children. Biden is also plotting another spending package focused on infrastructure that he intends to offset by hiking the corporate tax rate.
The Federal Reserve has been painting an increasingly optimistic economic forecast for the rest of the year as the U.S. emerges from the pandemic. It most recently forecast 6.5% gross domestic product growth for the year and unemployment falling to 4.5% before the year ends.
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