The U.S. incurred its biggest monthly budget deficit in June as spending to combat the pandemic's economic toll skyrocketed.
The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus-related recession skyrocketed while millions of job losses cut into tax revenue.
For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record for that period. That puts the country well on the way to hitting theThat total would surpass the previous annual record of $1.4 trillion set in 2009 when the government was spending heavily to lift the country out of the recession caused by the 2008 financial crisis.
this year until July 15. That decision delays quarterly payments from individual taxpayers and corporations that would have been due in June. Congress, which has already approved more than $3 trillion in a series of rescue packages, is scheduled to debate another support effort when it returns from recess on July 20. Democrats are pushing for an extension of the expanded unemployment benefits, which will soon run out.
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