U.S. budget deficit soars to record $864 billion in June -- higher than all of last year

[Zorro]

Source: MarketWatch

Pandemic-relief spending, falling tax revenue spur deficits higher

The numbers: The federal government’s budget deficit soared in June to a record $864 billion as Washington doled out huge sums of money to try to stave off a depression and save the economy from the coronavirus.

The increase last month pushed the budget gap for the current fiscal year to a record $2.7 trillion, compared to $747 billion in the same nine-month period last year, the U.S. Treasury Department said Monday.

The government operates on annual budget that runs from Oct 1. to Sept. 30 instead of using the calendar year more common in the business world.

The last time the U.S. ran such huge deficits — measured as a percentage of the economy — was during World War Two.

Read more: https://www.marketwatch.com/story/us-budget-deficit-soars-to-record-864-billion-in-june-higher-than-all-of-last-year-2020-07-13

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Republican deficit hawks have been remarkably silent since Trump took office.

You don't suppose they're waiting to rev up again after the election?

[LiberalArkie]

1. TAX CUT TIME!!!

[Penn Voter]

2. If the Democrats take over both

houses of the US Congress and the Executive branch in 2021, you will probably see the "tea party" make a return parade and blame the "Democrat Party" for this deficit.

[Champp]

3. Wait, I thought Republicans were "conservatives"

Obviously I was misled.

[sandensea]

4. Incredible. That's nearly 50% of GDP, on a monthly basis.

At the height of World War II in 1943, for comparison, budget deficits reached 27.5% of GDP.

And we got a lot more done with that.

[bucolic_frolic]

5. I read the article, no mention of Fed trillions

Fed is buying stocks, bonds, securities, loans. Trillions.

They would have accomplished more by reducing 50% or suspending all payments for everything and giving actual people $600 a month through the end of the year.

[ffr]

6. I just posted about this. The GOP is spilling red ink at 10x the rate Reagan did

And Reagan tripled the national debt! Our economy and corporations are so heavily subsidized it's hard to fathom.

https://www.democraticunderground.com/100213721199

[Snake Plissken]

7. Hundreds of thousands of dead Americans, double digit unemployment, and ...

a record shattering budget deficit

All you have to do is add a few little boys being rаped by a minister and ... it just doesn't get anymore Republican than that

[Evolve Dammit]

8. So much for the party of fiscal conservancy. Maybe "deficits don't matter" Cheney can help?

[erronis]

9. Fits into the model predicted by the Kremlin's St. Petersburg analysts. Get them to bankrupt

themselves and then move on their assets.

Along with get them to hate each other so they can't defend against outside attacks.

[DanieRains]

10. And No One Is Asking Billionaires To Help Out - Anyone Else Notice?

The 1% still has 50 trillion in wealth. A lot of it propped up in hedge funds the fed bailed out.

Maybe they could pay some taxes for once?

Who am I kidding.....

[yaesu]

11. Doesn't include the Fed pumping 9 trillion into fraud street. nt

[keithbvadu2]

12. Over the years

[SKKY]

13. Well, time to cut entitlements. Cause, we can't mess with those tax cuts....

...you can see it coming a mile away.