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US budget deficit hits all-time high of $3.1 trillion

US budget deficit hits all-time high of $3.1 trillion Photo: WDIO/MGN

MARTIN CRUTSINGER, AP Economics Writer
Created: October 16, 2020 01:23 PM

WASHINGTON (AP) - The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic cut revenues and sent spending soaring.

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The Trump administration reported Friday that the deficit for the budget year that ended Sept. 30 was three times the size of last year’s deficit of $984 billion.

It was also $2 trillion higher than the administration had estimated in February before the pandemic hit.

It surpassed the previous record of $1.4 trillion set in 2009 when the Obama administration was spending heavily to shore up the nation’s banking system and limit the economic impacts of the 2008 financial crisis.

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MARTIN CRUTSINGER, AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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