US budget deficit widens to $ 3 trillion

0

The US budget deficit has hit a record high of more than $ 3 trillion due to large government spending on relief aid to get out of the COVID-19 crisis.

- Video Advertisement -

The Treasury Department said the government spent more than $ 6 trillion in the first 11 months of this year, including $ 2 trillion on the COVID-19 program.

That figure is more than the $ 3 million it receives from taxes. (Budget deficit is the amount of money the state spends in excess of revenue)

The deficit is more than double the full-year record set in 2009. At the time, Washington was dealing with the 2008 financial crisis.

Prior to the epidemic, the United States was on track to maintain a deficit of more than $ 1 trillion this year, large enough to meet its historical standards.

But spending approved to try to address the financial impact caused by COVID-19 has hit the budget deficit.

The Congressional Budget Office this month estimated that the United States is likely to have a full annual deficit of $ 3.3 trillion, more than three times the previous year.

The agency said it expects total US debt to reach $ 26 trillion.

-Video Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here