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

ANI
14 Jul 2020, 07:03 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)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.

More Information

17 ℃

Partly Cloudy in Dublin

Business

Section

U.S. industrial stocks lose ground, Nasdaq makes modest gain

NEW YORK, New York - Industrial stocks in the United States had a rare off day on Thursday despite good ...

Dublin business targeted in major international fraud

DUBLIN, Ireland - An Garda Sochna's economic bureau has foiled a mutli-million euro invoice redirect fraud. On Tuesday the Bank ...

Stocks in Tokyo make solid gain, Asian markets otherwise flat

SYDNEY, Australia - Stocks jumped sharply in Japan on Thursday, but drifted elsewhere.The Nikkei 225 in Tokyo rose 405.65 points ...

Fears mount over last weeks of Trump presidency if he loses

What could happen to America if Trump were to further, severely crash the U.S. economy the day after Joe Biden ...

Wall Street has investors jumping, Nasdaq gains more than 2%

NEW YORK, New York - U.S. stocks rallied again on Wednesday, pushing the Nasdaq to a new record high, and ...

U.S. local economies working to replace imports

"An incredible opportunity for domestic manufacturing." That's how Mercedes Gonzalez, a director at Global Purchasing Companies, describes an unexpected benefit ...

Europe

Section