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The federal government typically runs a budget surplus during the month of April as it collects final tax payments for the previous year. However, the effect of the coronavirus (COVID-19) pandemic — and the legislative response to it — has instead caused the deficit to balloon as the nation takes necessary measures to fight the pandemic. A large decrease in revenues and a large increase in spending have led the Congressional Budget Office to estimate a deficit of $737 billion in April 2020:
The effects of COVID-19 on the federal budget are summarized in the table below.
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