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The US Budget Deficit Exceeded $3 Trillion For The First 11 Months Of Fiscal 2020

The US Budget Deficit Exceeded $3 Trillion For The First 11 Months Of Fiscal 2020

The US budget deficit in August tripled on a monthly basis and amounted to 200,095 billion dollars against a deficit of 63 billion in July, according to a report from the Ministry of Finance of the country.

Analysts polled by Reuters estimated that the country's budget deficit over the past month was $245 billion.

A year earlier, in August, the US recorded a budget deficit in the amount of 200,344 billion dollars.

In particular, according to the report of the Ministry, government spending in the United States in August decreased by 1% in annual terms and amounted to 423.316 billion dollars, revenues — by 2%, to 223.221 billion.

The $3.007 trillion year-to-date deficit was nearly triple the $1.067 trillion deficit for the comparable year-ago period, spurred by a massive increase in government spending to battle the economic fallout from the pandemic.

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