Logo
Sound journalism, grounded in facts and Biblical truth | Donate

U.S. budget deficit hits record high


The U.S. Capitol Associated Press/Photo by Patrick Semansky (file)

U.S. budget deficit hits record high

The U.S. Treasury Department announced on Monday that the U.S. budget deficit topped $864 billion in June, breaking the $738 billion record set in April and putting the deficit at a nine-month high. The federal government is on track to meet or exceed the Congressional Budget Office’s prediction of a $3.7 trillion annual deficit.

How did it climb so high? The U.S. government spent $511 billion on the Paycheck Protection Program in June after re-upping the fund to buffer small businesses during the pandemic. And that was just part of the most expensive fiscal relief package in U.S. history. Meanwhile, a delayed tax deadline and millions of lost jobs slimmed down the government’s revenue last month.

Dig deeper: Read David L. Bahnsen’s report on what made it into the $2 trillion stimulus package.


Seth Johnson Seth is a correspondent for WORLD. He is a World Journalism Institute graduate and a journalism student at Bob Jones University. Seth resides in Indianapolis, Ind.

COMMENT BELOW

Please wait while we load the latest comments...

Comments

Please register or subscribe to comment on this article.