US budget deficit soars to $3tn record

Sun Online Desk

12th September, 2020 10:30:39 printer

US budget deficit soars to $3tn record

The US budget deficit has hit a record high of more than $3tn (£2.3tn), driven by the government's massive spending on coronavirus relief.

The federal government spent more than $6tn in the first 11 months of its financial year, including $2tn on coronavirus programmes, the Treasury Department said.

The figure outpaces the $3tn it took in from taxes, BBC reported.

The shortfall is more than double the previous full-year record, set in 2009.

At the time, Washington was grappling with the aftermath of the 2008 housing financial crisis.

Even before the pandemic, the US was on track to run a deficit of more than $1tn this year - large by historic standards.


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