The federal government’s budget deficit reached $ 72.3 billion at the end of the first seven months of the current fiscal year, which compared to a deficit of $ 216.6 billion for the same period last year.
Revenue for the April to October period totaled $ 207.2 billion, an increase of $ 54.4 billion, or 35.6%, from $ 152.9 billion for the same period year last. The finance ministry attributed this increase to an increase in tax and other revenues.
Program spending for the seven-month period reached $ 259.1 billion, down from $ 348.6 billion for the same period in 2020.
The government explained that the decrease in spending was mainly due to a drop in transfer payments made to individuals, businesses and other jurisdictions as part of its economic plan against the COVID-19 pandemic.
Public debt charges totaled $ 14.5 billion from April to October, up from $ 12 billion a year earlier.
Earlier this week, the federal government predicted its deficit to hit US $ 144.5 billion for its current fiscal year, which is lower than its previous forecast of $ 154.7 billion.