KV Network

US budget deficit hits all-time high of USD 3.1 trillion

US budget deficit hits all-time high of USD 3.1 trillion
Decrease Font Size Increase Font Size Text Size Print This Page
Reading Time: < 1 minute

Washington, Oct 17 (AP) The federal budget deficit hit an all-time high of USD 3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring.

The Trump administration reported Friday that the deficit for the budget year that ended on Sept 30 was three times the size of last year’s deficit of USD 984 billion.

It was also USD 2 trillion higher than the administration had estimated in February, before the pandemic hit.

It was the government’s largest annual deficit in dollar terms, surpassing the previous record of USD 1.4 trillion set in 2009. At that time the Obama administration was spending heavily to shore up the nation’s banking system and limit the economic damage from the 2008 financial crisis. (AP)

 

 


KV Network

Kashmir Vision cover all daily updates for the newspaper

Leave a Reply

Your email address will not be published. Required fields are marked *