Economics
U.S. Budget Gap Tops $2 Trillion So Far During Fiscal Year
- Deficit for May at $132 billion, down from year-earlier period
- Biden budget sees $3.7 trillion gap this year with programs
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The U.S. budget gap surpassed $2 trillion in the first eight months of fiscal 2021 as government stimulus flowed into the economy to combat the coronavirus pandemic.
The shortfall in the year through May was $2.06 trillion, compared with $1.88 trillion in the year-earlier period, according to Treasury Department data released Thursday. On a monthly basis, the gap was $132 billion in May compared with $398.8 billion in May 2020, amid the initial wave of Covid-19 relief.