US Budget Deficit Hits Record High Of $864Bln In June - Treasury Data

WASHINGTON (UrduPoint News / Sputnik - 14th July, 2020) The US Federal budget deficit hit a record $864 billion in June amid the coronavirus pandemic, bringing total deficits for the year to an all-time high of $2.7 trillion, the Treasury's monthly statement showed on Monday.

Cumulative outlays for June also hit a record, at $5 billion, according to the statement that typically breaks down the federal administration's commitments without citing factors.

The US economy shrank 5 percent in the first three months of 2020 for its sharpest decline since the financial crisis of 2008/09, as most of the 50 states in the country went into lockdown to stem the outbreak of the COVID-19.

While businesses have largely reopened over the past two months, economists still warn of a double-digit recession for the quarter ended June.