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Photo: Ting Shen/Xinhua via Getty

The federal government reached a record monthly deficit of $737.9 billion in April, the Treasury Department said Tuesday.

The big picture: April is traditionally a month of budget surpluses, with tax filings rolling in, but the coronavirus pandemic instead widened the gap last month. The previous record monthly deficit was $235 billion.

  • The Congressional Budget Office estimates that spending to ward off a recession amid COVID-19's fallout will carry the deficit for the fiscal year to $3.7 trillion.
  • The deficit for this year, which began Oct. 1, has already hit $1.48 trillion.

Go deeper

Cory Booker: Racial wealth gap is the "American wealth gap"

Sen. Cory Booker. Photo: Axios

Sen. Cory Booker (D-N.J.) wishes the racial wealth gap would also be known as the "American wealth gap," he said at an Axios virtual event on Wednesday.

What he's saying: "[W]hen you have large poverty concentrated disproportionately among African Americans, it actually leads to the deficit of us all," he said, pointing to the economic disparity caused by Black entrepreneurs not having the same access to capital as their white peers.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

NRA declares bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for Chapter 11 bankruptcy and will seek to reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment."

The big picture: The move comes just months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.