It appears that any rumors of increasing tax revenue were unfounded.
The Treasury Department says the April deficit soared to $82.7 billion, the largest imbalance for that month on record. That was significantly higher than last year's April deficit of $20 billion and was above the $30 billion deficit private economists had been forecasting.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of a severe recession which has pushed millions of people out of work.
We are nearly a year into this so-called recovery, and yet the deficit situation seems to be getting worse. This is an unstable situation.
The April deficit marked the 19th straight monthly shortfall.
Revenue and other income fell 7.9 percent to $245.3 billion in April from $266.2 billion the same month last year, the Treasury said.
Corporate tax receipts totaled $77.1 billion for the year to date, an increase of 8.9 percent. Individual income tax collections were down 11.6 percent so far this fiscal year to $500.8 billion.