Posted on Oct 17, 2020
US budget deficit hits record $3.1 trillion amid coronavirus pandemic
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The US budget deficit has hit an all-time record of $3.132 trillion during the 2020 fiscal year, the Treasury announced.
In just a year, the figure has tripled due to spending to help support the economy in response to the coronavirus pandemic.
The deficit is now more than double the previous record of $1.416 trillion reached in fiscal year 2009 at the height of the global financial crisis.
Fiscal year 2020 ended on 30 September. At the beginning of the year, the US Treasury forecast a $1 trillion deficit, but when coronavirus lockdowns began to be enforced in March, it was acknowledged that the figure was no longer realistic.
In just a year, the figure has tripled due to spending to help support the economy in response to the coronavirus pandemic.
The deficit is now more than double the previous record of $1.416 trillion reached in fiscal year 2009 at the height of the global financial crisis.
Fiscal year 2020 ended on 30 September. At the beginning of the year, the US Treasury forecast a $1 trillion deficit, but when coronavirus lockdowns began to be enforced in March, it was acknowledged that the figure was no longer realistic.
US budget deficit hits record $3.1 trillion amid coronavirus pandemic
Posted from independent.co.uk
Budget
Economics
Posted 4 y ago
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PO1 William "Chip" Nagel
MAJ James Woods Most Definitely! They're Not Very Original, Creative. Not Deep Thinkers.
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Sgt. Jack Webb - just the facts ma'am. https://www.thebalance.com/trump-plans-to-reduce-national-debt-4114401
What You Need to Know About President Trump's Impact on the National Debt
From 2017 to 2020, the national debt under President Trump increased by almost 36%, to $27 trillion in October 2020. It is likely to increase even more due to COVID-19.
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