The United States on Tuesday reported a record $738 billion budget deficit in April, as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic put it deeply into the red.
The Treasury Department said the budget deficit last month was the first to reflect the enormity of government spending that has been authorized to try to mitigate the economic impact of the crisis, which until recently saw most of the country under strict lockdown orders and many businesses shuttered to contain the spread of the virus.
