US budget deficit hits a record

US budget deficit hits a record The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues
Finance
July 14, 2020 13:44
US budget deficit hits a record

The federal government incurred the most significant monthly budget deficit in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues, Report says, citing RIA Novosti. 
The Treasury Department reported that the deficit hit $864 billion last month, an amount of red ink that surpasses most annual deficits in the nation’s history and is above the previous monthly deficit record of $738 billion in April. 
For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record. That puts the country well on the way to hitting the $3.7 trillion deficit for the whole year that has been forecast by the Congressional Budget Office.
That total would surpass the previous annual record of $1.4 trillion set in 2009 when the government was spending heavily to lift the country out of the recession caused by the 2008 financial crisis.