US budget deficit up 60.7% in first 3 months of budget year

FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington. The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion. The Treasury Department reported Wednesday, Jan. 13, 2021 that with three months gone in the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago. (AP Photo/J. Scott Applewhite, File)

WASHINGTON — The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined.

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