WASHINGTON (AP) -- The federal budget deficit hit an all-time high for April as the government kept spending to aid the recovery while revenue fell sharply.
The Treasury Department said Wednesday the April deficit soared to $82.7 billion. That was significantly higher than last year's April deficit of $20 billion and the largest imbalance for that month on record.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of the recession which has pushed millions of people out of work. --
Comment: With a downfall like that in April, the outlook for the rest of the year is catastrophic.