[Iran Press TV Latest] The US Treasury Department says that the federal budget deficit hit a record for the month of April, reaching nearly 83 billion dollars. On Wednesday, the Treasury Department announced that the April deficit soared to $82.7 billion, the largest imbalance for that month on record.
That was significantly higher than last year's April deficit of $20 billion and above the $30 billion deficit private economists had anticipated.
Revenues for April were down 7.9 percent from a year ago, dipping to $245.3 billion. That decline included a fall in individual income tax payments.
That reflected not only the impact of millions of people out of work but also tax relief provided through the economic stimulus program that Congress passed in February 2009.
The latest data brought the deficit for the first seven months of fiscal year 2010 to around 800 billion dollars.
The White House had warned that the deficit for fiscal year 2010 could go above one and a half trillion dollars.