US budget deficit jumps to $864B in June

Monday, 13. July 2020 20:41

United States Treasury Department announced on Monday that the country's budget deficit soared to $864 billion in June, largely impacted by the federal government's spending amid the coronavirus crisis.

Outlays climbed 223% in June to $1.1 trillion, marking an all-time high monthly increase in spending. Treasury Department said that $511 billion were spent for the Paycheck Protection Program to support US businesses that suffered from the COVID-19 effect. Meanwhile, the country's receipts were at $241 billion, dropping 28% in June.

Including June's deficit, the United States' year-to-date fiscal deficit amounted to $2.7 trillion, topping record $1.4-trillion full-year deficit recorded in 2009.

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