• The US federal deficit surges to record $3.1 trillion for 2020 amid unprecedented stimulus spending

    3 days ago - By Business Insider

    The U.S. Treasury building is seen in Washington
    Reuters
    The US federal budget deficit soared to a record $3.1 trillion in the fiscal year that ended in September, according to Treasury Department data published Friday.
    The monthly budget report reflects the historic fiscal spending used to pad the US against the coronavirus pandemic, as well as the weakened tax income from Americans struggling through the pandemic.
    Outlays climbed to $6.6 trillion, led mainly by the $2.2 trillion CARES Act passed in March.
    The deficit surpasses the White House's February forecast by more than $2 trillion...
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