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U.S. budget deficit shattered one-month record in June as spending outpaced revenue by $864 billion

U.S. budget deficit shattered one-month record in June as spending outpaced revenue by $864 billion
Tuesday 14
3:1 2020

The huge surge in June pushed the budget deficit for the first nine months of the fiscal year to $2.7 trillion. AD June’s deficit figures highlight just how much havoc the coronavirus pandemic has wreaked on U.S. budgeting. In prior years, the federal deficit was considered large when it approached or eclipsed $1 trillion for an entire year. The United States spent about $2 trillion more than it took in via tax revenue from April to June alone. Congress in March approved $2 trillion in spending that took several months to take effect as the economy contracted because of the ...

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Washington Post : U.S. budget deficit shattered one-month record in June as spending outpaced revenue by $864 billion

Summary: A huge spending increase and a sharp falloff in revenue led to the large gap. The deficit in the past nine months has breached $2.7 trillion.

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