U.S. fiscal year 2020 budget deficit hits record, debt scale exceeds GDP

The U.S. fiscal year 2020 budget deficit hit a record. 

Overseas Network, October 17th. The new crown epidemic has increased the financial burden of the US government, and taxes have also fallen sharply under the economic downturn. According to a report released by the U.S. Treasury Department on Friday (16th), the U.S. fiscal year 2020 budget deficit is as high as $3.132 trillion, breaking a historical record.

According to “Business Insider” and “Capitol Hill” reports, although the current interest rate is at a historical freezing point, which has saved the government’s debt issuance, the huge fiscal deficit still affects the decision-making of legislators. The rescue case was resisted, believing that the government debt pressure was too heavy.

According to the report, in the report released by the U.S. Treasury Department, the fiscal deficit of $3.132 trillion was $2 trillion more than the White House’s fiscal budget in February this year. At the same time, this scale is also 3% of the government deficit in fiscal 2019. The debt scale exceeds GDP.

The U.S. Treasury Department stated that after the U.S. government ordered the shutdown of businesses to curb the spread of the virus, it has successively introduced supplementary unemployment benefits and small business support measures, resulting in a total of more than 6.5 trillion federal government expenditures in fiscal 2020, most of which was used by Congress. The 2.2 trillion bailout bill passed. The U.S. Treasury Department emphasized that the government has injected unprecedented fiscal stimulus into the U.S. economy to respond to the new crown epidemic and boost business activities.