US budget deficit at all-time high

The US Treasury Department published its budget balance report for June.

Accordingly, the budget deficit of the federal government in June of the 2020 fiscal year, which will start on October 1, 2019 and end on September 30, 2020, increased to 864 billion dollars. The federal government had a budget deficit of $8.4 billion in the same month last year.

During this period, the market expectation regarding the budget balance was that the budget would have a deficit of 863 billion dollars. The budget deficit was calculated as 398.7 billion dollars in May.

The record increase in the budget deficit in June was due to the strong expenditures made within the scope of the programs implemented against the effects of the new type of coronavirus (Covid-19) epidemic and the decrease in tax revenues.

During this period, the government’s expenditures increased by 223 percent compared to the same month of the previous year, reaching 1.1 trillion dollars, while its revenues decreased by 28 percent, falling to 240.8 billion dollars.

As of June, the 9th month of the 2020 fiscal year in the country, the total budget deficit reached 2.7 trillion dollars. The deficit in question was at the level of 747.1 billion dollars in the same period last year.

While expenditures in the first 9 months of the fiscal year increased by 49 percent compared to the same period last year, reaching 5 trillion dollars, revenues decreased by 13 percent to 2.2 trillion dollars.

The total amount of incentive packages implemented by the US government so far within the scope of combating the Covid-19 epidemic has reached approximately 3 trillion dollars.

Source: https://www.aa.com.tr/tr/ekonomi/abdde-butce-acigi-tum-zamanlarin-en-yuksek-seviyesunu/1909310

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