Federal deficit balloons to record $2.7 trillion

by Adam Ford · Jul 8th, 2020 5:16 pm
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Last Updated Jul 9th, 2020 at 12:16 pm

The United States federal deficit in the first nine months of the fiscal year ballooned to a record $2.7 trillion — nearly double the largest full-year deficit on record, the Congressional Budget Office announced Wednesday.

The deficit hit $863 billion for June alone. The deficit for June of last year was just 9.3% of that — $8 billion, CBO said.

The huge deficit increase comes amid ongoing extraordinary measures by the federal government to stave off economic collapse due to the coronavirus pandemic and the resulting economic shutdowns.

With a cumulative $2.74 trillion deficit through the first nine months of the fiscal year (October through June), the U.S. federal deficit is on track to exceed $3.6 trillion for the full fiscal year, shattering the $1.4 trillion record set in 2009 during the global financial crisis.


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