U.S. Economy
U.S. Budget Deficit Grew 25% in First Four Months of Fiscal 2020 on Calendar Quirk
Budget gap totaled $1.06 trillion over past 12 months
WASHINGTON—The federal budget deficit grew 25% in the first four months of the fiscal year, largely as a result of a quirk in the calendar that brought forward payments of federal benefits, such as veteran and retiree benefits.
The U.S. budget gap totaled $389 billion from October through January, compared with $310 billion in the same period a year earlier, the U.S. Treasury Department said Wednesday. Federal outlays rose 10%, to $1.6 trillion, and federal tax receipts grew 6%, to $1.2 trillion—both record highs for the four-month period...