Government piled up record deficit of $737.9 bn in April: US Treasury

The deficit so far for the fiscal year that began September 1 climbed to $1.48 trillion

The federal government piled up a record deficit in April, traditionally a month of big budget surpluses.

The sea of red ink is being created by a drop in revenue and a massive increase in spending to fund efforts to deal with the coronavirus pandemic, news agency PTI reported.

The Treasury Department said Tuesday that the government racked up a shortfall of $737.9 billion last month. That was more than three times larger than the previous record monthly deficit of $235 billion set in February.

The deficit so far for the fiscal year that began September 1 climbed to $1.48