In year challenged by COVID pandemic, official US deficit hits $3 trillion

BYNIV ELIS-

According to official Treasury data released Friday, The federal budget deficit surpassed $3 trillion through August, a, and is expected to hit $3.3 trillion when the fiscal year wraps up at the end of this month.

The newest number, confirms earlier estimates from the Congressional Budget Office (CBO), showing that the deficit is on track to be the largest in the country’s financial history. The $3.3 trillion figure is well over double the largest previous record of $1.4 trillion in 2009, during the financial crisis.

Treasury data released on Friday showed that the government has spent more than $6 trillion so far this year, a monumental leap over the $4.4 trillion it spent in the entirety of 2019.