United States’ budget deficit skyrocketed to $311 billion in February, a record high for the month.
This indicates an increase of $76 billion compared to the figure recorded in February last year, 2020, according to the U.S Department of Treasury.
Receipts for February rose 32% from the year-earlier period to $248 billion, following a $45 billion decline in tax refunds issued during the month as the 2021 tax filing season commenced about two weeks later than in 2020.
Individual and withheld income tax receipts also increased by $9 billion, as reported by aledeh.com
A Treasury official attributed this to tax withholding on increased unemployment benefits, along with increased hours worked at higher wage rates as lower-wage earnings languished.
February outlays also grew 32% to $559 billion, with the biggest increases for unemployment benefit-related costs and health expenditures.
Both receipts and outlays were record highs for February
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