US budget deficit hits all-time high of $3.1 trillion

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A stack of $100 bills (Nexstar, file)

WASHINGTON (AP) – The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic cut revenues and sent spending soaring.

The Trump administration reported Friday that the deficit for the budget year that ended Sept. 30 was three times the size of last year’s deficit of $984 billion.

It was also $2 trillion higher than the administration had estimated in February before the pandemic hit.

It surpassed the previous record of $1.4 trillion set in 2009 when the Obama administration was spending heavily to shore up the nation’s banking system and limit the economic impacts of the 2008 financial crisis.

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