U.S. deficit soars to record amid pandemic relief payments

The United States' deficit reaches $864 billion in June 2020, well past the previous record of $234 billion set in February 2009 at the start of the global financial crisis.

Massive government rescue payments to help businesses and households survive the economic hit from the coronavirus drove a record surge in the United States deficit last month, the Treasury Department said Monday, July 13.

With outlays in June surging to $1.1 trillion and receipts falling, the funding gap in the first 9 months of the current fiscal year soared 267% compared to a year earlier, hitting $2.74 trillion, Treasury said. The weekly payments of $600 to help the millions laid off as the economy shut down have so far amounted to $171 billion.

In June 2019, US government spending was just $342 billion, and the deficit for the October 2018-June 2019 period was only $747 billion, Treasury said.

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