US budget deficit hits all-time high of $864 bn in June amid Covid pandemic

For the first nine months of this budget year, which began on October 1, the deficit totals $2.74 trillion, also a record for that period

The federal government in the US incurred the biggest monthly budget deficit in history in June as spending on programmes to combat the coronavirus recession exploded while millions of job losses cut into tax revenues.

The Treasury Department reported on Monday that the deficit hit $864 billion last month, an amount of red ink that surpasses most annual deficits in the nation's history and is above the previous monthly deficit record of $738 billion in April. That amount was also tied to the trillions of dollars Congress has provided to cushion the impact of the widespread shutdowns that occurred in an