The U.S. budget deficit reached $3 trillion in the 12 months through June as stimulus spending soared and tax revenue plunged (Corrects an earlier tweet, which has been deleted, that said the deficit surpassed $3 trillion)
As a share of gross domestic product, the 12-month deficit came to 14% last month, compared with 10.1% in February 2010, when the U.S. was still recovering from the last recession. In June alone, the deficit widened to a monthly record of $864 billion, the Treasury.
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