US budget deficit tops $3 trillion with one month left in fiscal year

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US budget deficit tops $3 trillion with one month left in fiscal year

On Friday, US Treasury Department had issued a statement saying that the Trump Administration’s budget deficit had hit an all-time-high of $3 trillion over the first eleven months of the fiscal year that would end on Sept.

30, reflecting the impacts of mass-scale pandemic stimulus bills aimed at cushioning up the US economy from the fiscal blows stemmed off the outbreak. Aside from that, the US Treasury Department had also added at its Friday’s statement that sea of a red ink in the US Govt.’s balance sheet had almost entirely been a by-product of the Trump Administration massive expenses as beforementioned, as the Government had been vying to vent out a way to streamline a steady flow of cash into the economy as an aftermath of tens of millions of laid-off Americans during the peak of the pandemic outbreak.

October to August deficit has been more than double of a prior record set on 2009

In factuality, as the US Government had been bracing for a record budget deficit of $3.3 billion over the current fiscal year as projected earlier in the year, the deficit during the first eleven month of the fiscal year had been more than double of a prior record of $1.37 billion in deficits registered during the Great Financial Depression of 2007-2009.

Besides, following the day’s US Treasury Dept. data, several Wall St. analysts were quoted saying that the deficit could even surpass a Congressional Budget Office forecast of $3.3 trillion, however, citing that the US Government usually added its surpluses over the last month of its fiscal year, another perspicacious bunch of analysts said that the final figure might just come below a staggering $3 trillion, though it would still remain much higher than the previous record budget deficit of $1.37 billion set on 2009 and nearly three-fold of the last year’s deficit of $984 billion.