The U.S. budget deficit soared to $864 billion in June, higher than all of 2019

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Hit a record high last month, government spending on Corona virus relief and millions of job losses cutting in the revenue combined to create the largest monthly budget deficit ever in June totaling $864 billion. The federal deficit grew by more than $2.5 trillion since October 1st, the Congressional Budget Office now forecast the annual deficit to hit $3.7 trillion. Last month's deficit was driven by federal spending on economic relief programs like an expansion of unemployment benefits and the paycheck protection program. In addition, federal revenues are down in part Because tax day was delayed until July 15th. Jared Halpern

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