A record high: U.S. budget deficit exceeds $3 trillion
( Washington, 12nd Sept 2020 ) The U.S. Treasury Department released data on the 11th local time showing that in the first 11 months of fiscal 2020, the U.S. government's fiscal deficit has exceeded 3 trillion U.S. dollars, the highest in history.
The U.S. fiscal year 2020 is from October 1, 2019 to September 30, 2020. According to the data released by the Treasury Department, the US fiscal deficit reached US$3.007 trillion in the first 11 months of fiscal 2020, which is about three times the fiscal deficit of the same period in fiscal 2019. The previous 11-month record of the U.S. fiscal deficit was $1.37 trillion set in the 2009 fiscal year.
According to estimates by the U.S. Congressional Budget Office, the U.S. government’s fiscal deficit will increase in the next month, and it is estimated that the final fiscal deficit in fiscal year 2020 will reach $3.3 trillion.
The US Congressional Budget Office also predicts that by the end of 2020, the total US debt will reach 98% of the gross domestic product (GDP), and by 2021, the US debt will exceed GDP.
Affected by the new crown pneumonia epidemic, the United States has significantly increased government spending this year in response to the epidemic and the economic crisis brought about by the epidemic. In the past six months, Congress has passed a series of economic stimulus bills, with a total of nearly $3 trillion in funding, including unemployment subsidies, assistance to small businesses, and assistance to industries severely affected by the epidemic. But most of the aid projects expired in early August.
According to US media reports, due to the big differences between the Republicans and Democrats on the new round of economic stimulus plans, the new round of aid plans may not be realized before the election.
According to statistics from Johns Hopkins University in the United States, as of 21.00 on the 11th, there were more than 6.44 million confirmed cases of new coronary pneumonia in the United States and more than 192,000 deaths. As the epidemic has not yet been effectively controlled, economists believe that there is greater uncertainty in the US economic outlook.
News source: China News Service
**Info & Image are taken online
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