The US budget deficit reached record high

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The US budget deficit rose to 1.9 trillion dollars in the first eight months of the fiscal year, follows from the data of the Ministry of Finance of the country. This is a record figure since 2009, when its size was 1.4 trillion dollars, writes The Hill.

In may the figure reached nearly 399 billion dollars, which is 92 percent higher than the same period last year (207,7 billion). In April 2020 the budget deficit was $ 738 billion. In may, revenues fell by 25 per cent, to $ 173,8 billion, while expenses jumped 30 percent to 572,6 billion dollars.

Growth in borrowing in recent months has occurred because of the pandemic coronavirus. The congressional budget office estimated that the deficit for the year, probably closer to four trillion dollars.

The US economy has entered a recession since February, when there was a decline in economic activity due to the crisis. Prior to that, she grew up for 11 years. In the first quarter, GDP fell by 4.8 percent. The Federal reserve predicts economic recession in the United States by 6.5 percent in 2020.

Video, photo All from Russia.

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