U.S. deficit hits $1.7 trillion over last six months
CBSN
The U.S. deficit over the past six months swelled to $1.7 trillion, according to the latest monthly Treasury report. In March alone, the United States spent nearly $660 billion more than it took in, as the United States continues to provide financial support to American workers and businesses while country digs out of the financial crisis caused by the coronavirus pandemic.
Included in the latest monthly report was part of the latest round of $1,400 stimulus payments. Since the first batch went out in mid-March, the Treasury Department and Internal Revenue Service have delivered more than 156 million payments, totaling approximately $372 billion, which helped contribute to the deficit, with some roughly $335 billion going out in March alone. Another round of $600 checks started going out at the end of last year. The monthly report shows that the United States has spent more than $3.4 trillion in the first half of the fiscal year since the beginning of October. At the same time, it's only taken in $1.7 trillion. Some of the largest expenditures include more than $1 trillion in income security, $560 billion in Social Security, $385 billion on health, $382 billion on national defense and $345 billion on Medicare.
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