US budget deficit narrowed to $2.7 trillion in first 11 months of fiscal year

US budget deficit narrowed to $2.7 trillion in first 11 months of fiscal year

The US budget deficit narrowed to $2.7 trillion during the first 11 months of the fiscal year from $2.7 trillion in the same period a year ago, with the gap between spending and revenue rising as taxes recover from a pandemic-induced recession. was decreasing.

Outlays rose 4% to a record $6.3 trillion for the 11 months through August, the Treasury Department said Monday. Spending has been boosted by pandemic-related costs including tax credits, expanded unemployment compensation, emergency small-business loans and stimulus checks to households, but Treasury officials have said such outlays are generally declining. .

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