U.S. budget deficit totaled $863 billion in June, nearly as much as the entire gap for fiscal year 2019, as federal spending tripled to combat the coronavirus pandemic and tax revenues plunged, the Congressional Budget Office says
WASHINGTON—The U.S. budget deficit totaled $863 billion in June, nearly as much as the entire gap for fiscal year 2019, as federal spending tripled to combat the coronavirus pandemic and tax revenues plunged, the Congressional Budget Office said Wednesday.
Outlays soared to $1.1 trillion last month, nearly half of which went to emergency small-business loans under the Paycheck Protection Program, CBO estimated. Congress enacted the law in March to help small companies meet payroll expenses and keep workers attached to their...
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