Created: October 08, 2020 02:41 PM
WASHINGTON (AP) - New, eye-popping federal budget figures show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year.
The Congressional Budget Office says the deficit equaled 15% of the U.S. economy, a huge gap that was the largest since the government undertook massive borrowing to finance the final year of World War II.
The government borrowed 48 cents of every dollar it spent, CBO said, fueled by a 47% increase in spending, CBO said, including $578 billion for the Paycheck Protection Program for smaller businesses and a $443 billion increase in unemployment benefits over the past six months alone.
(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)
(Copyright 2020 by The Associated Press. All Rights Reserved.)