The U.S. budget deficit narrowed to $2.7 trillion during the first 11 months of the fiscal year, from $3 trillion in the same period a year earlier, as the recovery from a pandemic-induced slump boosted taxes
The U.S. budget deficit narrowed to $2.7 trillion during the first 11 months of the fiscal year from $3 trillion in the same period a year earlier, with the gap between spending and revenue declining asOutlays for the 11 months through August rose 4%, to a record $6.
3 trillion, the Treasury Department said Monday. Spending has been boosted by pandemic-related costs that included 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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