Feds post $119 billion pre-virus budget deficit in March

The latest figures on the federal budget deficit don't yet show the negative economic impact of the Coronavirus, as the government reported a budget shortfall in March of $119 billion, raising the 2020 deficit to $743.6 billion, over $52 billion more than the same point a year ago.

Even before the Coronavirus shuttered businesses and forced Congress to approve an over $2 trillion economic rescue package, the White House projected a deficit in 2020 of over $1 trillion, for the first time since 2012.

Depending on how much aid is actually spent by Uncle Sam - and how much more is approved by lawmakers in coming months - it's not hard to imagine the deficit setting records later this year, and possibly topping $2 trillion.

The top line figures from the Treasury Department gave indication about the fiscal difficulties likely looming for the U.S. Government, as the March 2020 deficit was about $31 billion less than the same month in 2019.

Collection of import tariffs from U.S. businesses were down in March to $4.8 billion, down from $6.2 billion in February and $6.9 billion in January.

That reduction in import duties confirms the evidence of a trade slow down involving the United States - and China - in recent months, partly due to the virus outbreak.