For ten months of fiscal 2020, the US budget deficit exceeded $2.8 trillion.
The US budget deficit in July increased by almost $63 billion, which is almost 14 times less than the June figure. This is evidenced by the data of the Ministry of Finance of the country, published on Wednesday, August 12.
In general, for ten months of the fiscal year 2020 (ends September 30), the US budget deficit exceeded $2.8 trillion, while at the end of fiscal 2019 it was $984 billion.
So, the increase in the budget deficit in June was a record вЂ” by $864 billion вЂ” due to the allocation of funds to help small businesses and those who lost their jobs due to the coronavirus pandemic.
In total, to stimulate economic growth during the pandemic since March of this year, the American authorities have invested about $3 trillion in the country's economy.
In the first quarter of 2020, US GDP declined 5% compared to the same period in 2019. Thus, consumer spending decreased by 6.8%, while companies' investments in fixed assets вЂ” by 6.4%.