Red Ink Overflowing: In June, U.S. Borrowed A Typical Year’s Worth

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With three months left in the government’s fiscal year, the U.S. federal deficit is already nearly twice as large as the previous record, which was set in 2009 during the Great Recession.





Olivier Douliery/AFP via Getty Images



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Olivier Douliery/AFP via Getty Images



The Coronavirus Crisis
The U.S. Was Already Deep In Debt. This Year’s Deficit Will Be ‘Mind-Boggling’

With three months left in the government’s fiscal year, the year’s deficit of $2.7 trillion is already nearly twice as large as the previous record of $1.4 trillion, set in 2009 during the Great Recession.

While the government is spending heavily on the pandemic, tax collections in June were lower than usual. The filing deadline for 2019 income taxes was postponed until July 15.

Congressional forecasters expect the federal deficit for the full year to reach $3.7 trillion. With infections on the rise, Congress is expected to consider additional relief measures this month.

• COVID-19


• coronavirus


• federal deficit


• Budget deficit