Federal Budget Deficit Hits All-Time High in June
The US federal budget deficit in June was the highest in history, according to CNBC.
The budget deficit has grown exponentially as the federal government attempts to mitigate the effects of the coronavirus crisis that has put millions out of a job and decimated tax revenues. On Monday, the Treasury Department reported that the deficit reached $864 billion in June.
The budget year began on October 1 and with only 3 months to go, the deficit is $2.74 trillion, another record. The Congressional Budget Office estimated that the deficit would total $3.7 trillion for the whole year, but the current figures indicate that the deficit will surpass the estimate.
In 2009, the deficit rose to $1.4 trillion as the government worked to pull the US out of the Great Recession.