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10/16/2020, 8:26 PM (Source: TeleTrader)
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US reports record $3.1 trillion deficit in 2020

The administration of the United States President Donald Trump reported on Friday that the federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year due to the coronavirus pandemic. According to the statement, this represents more than double the previous record.

Last year’s deficit was $984 billion, $2 trillion higher than the administration predicted in February.

Revenues went down by 1.2% to $3.42 trillion, while government spending jumped by 47.3% to $6.55 trillion.

Breaking the News / TF