U.S. January budget deficit hits record $163 billion as new aid checks sent out
- S&P 500, Dow edge lower as COVID-19 cases rise, home sales drop
- Credit Suisse (CS) Falls 6% on 'Unacceptable Loss' as Exposure to Archegos Grew to More Than $20 Billion, Set to Raise Over $2 Billion to Support Liquidity
- U.S. weekly jobless claims fall to new one-year low
- Cathie Wood's ARK Buys Over 5M Shares of Skillz (SKLZ), Nearly 3M Shares of IPO UiPath (PATH)
- Chipotle Mexican Grill (CMG) Tops Q1 Profit Views, Analysts Maintain Bullishness For 2021
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
By David Lawder
WASHINGTON (Reuters) - The U.S. government posted a budget deficit of $163 billion in January, a record high for the month and a $130 billion jump from the deficit in the same month last year, as a new round of direct payments to individuals were distributed, the Treasury said on Wednesday.
Receipts for January rose 3% from the year-earlier period to $385 billion, while outlays grew 35% to $547 billion. Both receipts and outlays were record highs for January.
For the first four months of the 2021 fiscal year, the deficit rose 89% to $736 billion, with receipts rising 1% to $1.19 trillion and outlays increasing 23% to $1.92 trillion. The deficit, receipts and outlays were all year-to-date record highs.
The January deficit would have been considerably larger if not for some $44 billion in benefits being paid in December because the New Year's Day holiday came at the start of a weekend.
Receipts last month were helped by an 18% increase in individual non-withheld tax payments, and a 49% increase in corporate tax payments, the latter of which a Treasury official said were increased by the repatriation of overseas earnings.
The official said January outlays were increased by about $139 billion in direct payments by the Treasury to individuals, mostly through $600 checks sent out as part of a year-end COVID-19 stimulus bill. Replenished unemployment benefits and rental assistance also boosted U.S. outlays, the official said.
(Reporting by David Lawder Editing by Paul Simao)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Said Q1 Estimates for Tesla (TSLA) 'Very Beatable'
- Facebook begins testing ads in Instagram Reels
- The Hartford (HIG) Reports Q1 EPS of $0.56; Rejects Additional Proposal from Chubb (CB), Raises Buyback
Create E-mail Alert Related CategoriesGeneral News, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!