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Treasury Secretary Janet Yellen speaking during a press conference in the White House on May 7. Photo: Alex Wong/Getty Images

The U.S. budget deficit hit a record $1.9 trillion in the first seven months of this fiscal year, according to the Treasury Department's monthly budget report.

Why it matters: It's roughly a 30% increase from the same time period in the last fiscal year and is largely due to the passage of massive relief bills to combat the economic fallout of the coronavirus pandemic.

Context: The deficit for the last fiscal year was $3.1 trillion, and some private economists are estimating this fiscal year's deficit will surpass last year's.

  • Some are forecasting a deficit of $3.3 trillion the fiscal year, according to AP.

By the numbers: Outlays for the seven-month period totaled $4.07 trillion, up 25.8% from the same period a year ago, reflecting higher safety-net spending.

  • Tax revenue hit $2.1 trillion, a 16% increase, in part from quarterly tax payments in April.

The big picture: The U.S. economy is expected to boom this year as the pandemic tapers off and thanks to trillions of dollars in government spending.

Go deeper: Here comes the reopening boom

Go deeper

Updated Aug 11, 2021 - Politics & Policy

Manchin says he has "serious concerns" with $3.5 trillion spending bill

Photo: Drew Angerer/Getty Images

Sen. Joe Manchin (D-W.Va.) issued a statement on Wednesday saying he has "serious concerns" about the size of Democrats' $3.5 trillion budget reconciliation package, calling it "simply irresponsible" to continue spending at such high levels.

The latest: Senate Majority Leader Chuck Schumer responded to Manchin's concerns at a press conference on Tuesday, saying: "Look, there are some in my caucus who might believe it’s too much, there are some in my caucus who believe it’s too little."

Updated 21 mins ago - Science

Nor'easter slams East Coast with flooding rain and powerful winds

A residential area in Middlesex County as floodwater from the nor'easter covers streets in New Jersey on Tuesday. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

A monster storm was slamming the Northeast with record rainfall and powerful winds over Tuesday night — causing flash flooding that resulted in people having to be rescued in New Jersey and New York roads to close.

Threat level: All of southern New England westward to New York City and northern New Jersey was under the threat of flash flooding and coastal flooding from the nor'easter through Tuesday night into early Wednesday, per the National Weather Service.

Updated 3 hours ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.