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US: Fiscal 2020 year-to-date deficit rises to record $3.007 trillion

September 13, 2020 by admin 0 Comments

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The United States’ federal budget deficit rose above $3 trillion for the first eleven months of fiscal 2020 amid the massive increase in government spending to counter the negative impact of the coronavirus outbreak, the data published by the US Treasury Department showed on Friday. During the same period of 2019, the deficit was $1.067 trillion.

In August, the budget deficit stood at $200 billion and came in lower than analysts’ estimate of $245 billion. However, reporting on the matter, Reuters noted that $55 billion worth of benefit payments were transferred into July because August started on a weekend.