US budget deficit soars to $3tn record

Image copyright Getty Images The US budget deficit has hit a record high of more than $3tn (£2.3tn), driven by the government’s massive spending on coronavirus relief.The federal government spent more than $6tn in the first 11 months of its financial year, including $2tn on coronavirus programmes, the Treasury Department said.The figure outpaces the $3tn…

US budget deficit soars to $3tn record

Image copyright
Getty Images

The US budget deficit has hit a record high of more than $3tn (£2.3tn), driven by the government’s massive spending on coronavirus relief.The federal government spent more than $6tn in the first 11 months of its financial year, including $2tn on coronavirus programmes, the Treasury Department said.The figure outpaces the $3tn it took in from taxes.The shortfall is more than double the previous full-year record, set in 2009.At the time, Washington was grappling with the aftermath of the 2008 housing financial crisis.Even before the pandemic, the US was on track to run a defici
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