The federal budget deficit reached a record high of 3.1 trillion in fiscal year ending September 30, 2020, according to data released by the US government. According to media reports, the US economy is also considered to be the largest deficit economy in the world.
However, the Corona virus has caused the US economy to lose more money this year than ever before, with the US economy as a whole shrinking by 15.2% from last year. The Trump administration estimated in February that the federal The budget deficit will remain at 98 984 billion, but the deficit more than tripled to 3.1 trillion.
That's more than double the 1.4 trillion dollars deficit since the 2008 global financial crisis. In the fiscal year 2019-2020, US government revenues fell 1.2 percent year-on-year to 3.42 trillion, while the Trump administration spent 47.3 billion. The increase was 6.55 trillion. Most of these expenditures were spent on emergency measures approved by Congress to deal with the Corona epidemic. And in the two months of April, about 25 million people lost their jobs, of which only 10 million have been restored so far.
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