US Budget Deficit at Record High in June; Driven by Coronavirus

by Gino Devaney on July 14, 2020

WASHINGTON — The U.S. had its biggest monthly budget deficit in history in June, $864 billion, driven by federal spending on programs to help deal with the economic impact of the coronavirus shutdowns, including the Paycheck Protection Program to help small businesses keep paying their workers, and the extra $600 per week in unemployment benefits. The total deficit for the first nine months of the budget year, which began on October 1st, is a record $2.74 trillion.

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