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

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.

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.