WASHINGTON: Trump sinks the US economy budget deficit reaches 3100 billion dollars. The federal budget deficit reached a record high of 3100 billion in the fiscal year ending September 30, 2020. The highest level in US history since World War II, according to US government data released yesterday.
However, this year the Coronavirus has caused the US economy to lose even more than ever before. As a result of the US economy shrunk by 15.2% compared to last year.
The Trump administration estimated in February this year that the federal budget deficit would be 984 billion dollars. The deficit more than tripled to 3.1 trillion dollars.
That’s more than double the 1.4 trillion dollars deficits since the 2008 global financial crisis.
In the fiscal year 2019-2020, US government revenues fell 1.2 percent from a year earlier to 3.42 trillion, while the Trump administration’s spending rose 47.3 percent to 6.55 trillion dollars.
The Corona epidemic in the United States left about 20 million people unemployed in the two months of March and April, of which only 10 million have been restored so far. Trump sinks the US economy budget deficit reaches 3100 billion dollars.