Feds spent nearly $1 trillion in April, shattering records

Uncle Sam had to borrow 75 cents for every dollar spent in April, according to new Treasury Department numbers Tuesday that underscore just how bad the government’s finances have sunk amid the coronavirus crisis.

Spending hit $980 billion for the month — by far a record for any month in U.S history — while the government took in just $242 billion.

For the year as a whole, the government has received $1.8 trillion but spent $3.3 trillion.

April is usually a good month for government finances, with tax returns due. Last year the feds collected $536 billion in the month. But this year, with the IRS extending filing deadlines amid the pandemic, receipts cratered.

That came even as the government’s spending on the virus shattered records, at nearly $1 trillion in just 30 days.

The Congressional Budget Office said the delayed filing deadlines at the IRS means that when those bills come due, the government will make up much of the money it didn’t receive in April. But some of the money is likely lost for good, with the pandemic sending some businesses and individuals into insolvency.