The US budget deficit swelled at the beginning of 2020 even as the economy continued to grow at a steady pace.
The gap between what the government spent and collected rose 25% to $389 billion in the first four months of the fiscal 2020 year.
A historically low unemployment rate has helped push up tax receipts in recent months, but the government has steadily increased expenditures on healthcare and the military. Unadjusted receipts last month rose 10% to $372 billion, while unadjusted outlays were up 22% to $405 billion. Tax revenues fell sharply last year following the implementation of a Republican-led overhaul, which lowered rates for corporations and high earners. Congress also passed a bipartisan spending package that was expected to add at least $500 billion to the deficit over a decade.
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