FAST FIVE: The US Government Is On Track To Top Last Year's Record-Breaking Deficits
Indeed, April 2021's revenue total was the largest since July of last year when the federal government collected 563.5 billion following several months of delays on tax filing deadlines beyond the usual April 15 deadline.
This means the federal government ran a sizable deficit in April of 225.6 billion.
With five months left to go in the fiscal year, and with the deficit already approaching 2 trillion, it won't take more than Biden's $2 trillion infrastructure bill to ensure that 2021's deficit soars to new record-breaking levels.
In the second graph, we see that the full-year deficit for the 2020 fiscal year was a record-breaking 3.1 trillion.
By June, the program stabilized at $80 billion a month.