Federal deficit swells to nearly $3 trillion in first 10 months of fiscal year 2020


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(Worthy News) – The federal deficit so far this fiscal year is at $2.8 trillion, roughly $2 trillion higher than the deficit for the same period last year, according to the Congressional Budget Office.

To put the figure in context, during the 2007-09 Great Recession, the highest deficit figure was $1.5 trillion, according to the White House.

The CBO, Congress’s official bookkeeper, projected in January, before the pandemic hit the United States, that the deficit for 2020 would be just over $1 trillion. It will now likely be triple that amount as lawmakers debate another coronavirus relief package that could cost anywhere between $1 trillion and $3 trillion. [ Source: Washington Examiner (Read More…) ]

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