The federal deficit more than tripled in the first 10 months of the fiscal year, totaling $2.8 trillion from October through July
WASHINGTON—The federal deficit more than tripled in the first 10 months of the fiscal year, as government spending to combat the coronavirus continued to outpace federal tax collection, the Treasury Department said Wednesday.
The U.S. budget gap totaled $2.8 trillion from October through July, 224% bigger than the $867 billion gap during the same period a year earlier. The government has spent $5.6 trillion so far in the fiscal year that ends Sept. 30, 51% more than a year earlier, fueled in large part by the economic relief...
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