LOC02:47
23:47 GMT
WASHINGTON, July 8 (KUNA) -- The US federal budget deficit was USD 2.7 trillion in the first nine months of fiscal year 2020, USD 2.0 trillion more than the deficit recorded during the corresponding period last year.
According to the Monthly Budget Review for June 2020, released by the Congressional Budget Office (CBO) on Wednesday, revenues were 13 percent lower and outlays were 49 percent higher through June 2020 than during the same nine-month period in fiscal year 2019.
The federal budget deficit in June 2020 was USD 863 billion, compared with a deficit of USD eight billion in the same month last year, CBO estimates.
That increase stems from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government's response to it, including actions by the Administration.
The deficit is on track to exceed USD 3.8 trillion, shattering the USD 1.4 trillion record set in 2009 global financial crisis. (end)
rsr.rg.gb