US budget deficit hits record high of $864 billion in June

ANI
14 Jul 2020, 02:33 GMT+10

Washington [US], July 14 (Sputnik/ANI): 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. (Sputnik/ANI)

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