The US budget deficit hit an all-time-high of $1.7 trillion for the first six months of the budget year, nearly double of the previous record, as the pandemic rescue package added billions of dollars to spending.
The Treasury Department released a budget report on Monday, showing the deficit to be almost twice as high as the $743.5 billion deficit from the same period last year.
The deficit was driven primarily by the pandemic rescue packages, the most recent of which was the $1.9 trillion measure put in place by President Joe Biden. The deficit was $660 billion in the month of March alone, 454% wider than a year ago. Spending for the month increased 161% in March to $927 billion – the third highest on record, after June and April of last year.