“The U.S. budget deficit grew to a record $2.1 trillion during the first eight months of the fiscal year as spending continued to outpace tax receipts that are rising as the economy recovers from the damage inflicted by the Covid-19 pandemic…Federal revenue for the eight-month period ending in May rose 29%, to a record $2.6 trillion, primarily due to higher receipts from individual and corporate income taxes, the Treasury Department said Thursday.”
