by Peter Schiff, CEO of Euro Pacific Capital
The April federal budget deficit came in at a staggering $738 billion as government coronavirus stimulus began flowing through the pipelines and revenue dipped due to the government lockdowns.
Analysts expected a massive deficit in April, but it’s still a staggering number. To put it into perspective, the previous record for a single month was $235 billion and that was just in February of this year.
Including April’s shortfall, the budget deficit for fiscal 2020 stands just under $1.5 trillion with five months still left to go.