US budget deficit hits all-time high of $864 billion in June

FILE - This Sept. 18, 2019, file photo shows the view of the U.S. Capitol building from the Washington Monument in Washington. The federal government incurred the biggest monthly budget deficit in history in June 2020 as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues.

The Treasury Department reported Monday that the deficit hit $864 billion last month, an amount of red ink that surpasses most annual deficits in the nation’s history and is above the previous monthly deficit record of $738 billion in April. That amount was also tied to the trillions of dollars Congress has provided to cushion the impact of the widespread shutdowns that occurred in an effort to limit the spread of the viral pandemic.For the first nine months of this budget year, which began Oct.

The report showed that the cost of the Paycheck Protection Program in June was $511 billion. That reflected a charge to the government for all the bank loans made under the program even though the government will not actually have to pay out funds until the banks determine whether the businesses met the criteria for having the loans forgiven. Those requirements include spending at least 60% of the loan amount on worker pay with the other 40% going to overhead costs such as rent and utilities.

That's 1 month, folks. On track for $3.7T for year. Previous annual record: $1.4T in 2009 post-2008 financial crisis.

The deficit is money owed to the people while we pay rent to other countries that own us 2 of which we're at odds with. China owns us & we're fighting with our landlord.

ShelliTweetz Plus GOP TrumpGrifters

Bitcoin is a million dollar hedge against irresponsible governments. 🧘‍♀️

But hey, rich people got that nice tax cut! VoteOutGOP TaxTheRich

Inflation is coming soon. Hold on to you hat if you can aford one.

Funny how so many Trump cultists dont talk about the deficit anymore

Trump doing what he promised: running this country like his businesses—right into the ground

So, trump wanted to sell Puerto Rico after the hurricane. Does this mean he will try to put Florida, Texas or Arizona up for sale? Could go a long way to paying off his deficit!!!

Nope no no no some of that money was spent on Trump's family it cost more a secret service to watch over his family than any president family that's a lie. Y'all picked up now he's going to really spend your money y'all dumbasses. I'm not voting at all I'm done with voting

No shit and most of you anti Trumpers want to continue the shutdown effectively destroying of America.

Demoratic Party and the CCP fault. They close the business!

FAILED LEADERSHIP!!!!

Keep telling how bad the covid19 is and it will get worse. Its a dang virus. Media is creating this deficit.

One month - nearly $1 trillion dollars. Beyond words.

and yet i still don’t have robux

So what.... Trump is making it better like no one has ever seen better.

Damn, We BIG broke 😂😂😂

Making his buddies rich and killing the rest of the people.

Imagine we disabled their spending by not giving them their taxes. Imagine we all stood up and showed them who is really in charge. Nope... We live in a nation of cowards. Who prefer selling out their authority for pennies while the crooks take the lion share of our efforts.

WASHINGTON () — The federal government incurred the biggest monthly budget deficit in history in June – $864 billion – as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. COVID19

Isn’t a lot of that money now missing? Thanks to a certain self appointed oversight?

Time to close the tax loopholes and get the rich to pay their share. While we’re at it get the largest companies to pay their share. If they want US protection they should be registered in the US not Cayman or Switzerland. Oh, and tax religious income & the churches. 👍🇺🇸

You ain't seen nothing yet, wait until socialism becomes a normal thing

Nearly a trillion dollar deficit. In ONE MONTH!!!! GOP

Where is all those billions China is paying us

Remember when people used to say Democrats were the spenders?

so the tax cut didn't figure into it?

Catholic Church needs to give the money back

Ok? What’s your point?

Winning

Fucking conservatives and libertarians I don’t EVER want to hear ANYTHING about the deficit from any of you EVER AGAIN.

Let me fix that headline for you: Fueled by giveaways to Corporate America and wealthy Trump cronies... “The U.S. government ran an $864 billion deficit in June, the biggest monthly figure in history,... “

And every other country as well not just the US!

Spending programs to inject more money into the economy to stimulate more activity in the market. The only impact is inflation and it looks like the federal reserve will keep interest rates low but we have a big risk of hyper inflation.

maga

No posts like this during the Barry years

This is the fault of both Dems and Repubs. Cut federal spending now. Stop this foolishness. If you the two major parties wont do anything about this then we need to elect a third party like Jorgensen4POTUS to clean this mess up.

When you put a clown in the driver's seat and he crashes because he dosent believe trees are real.

Only the rich got rich and the poor more poor😡

Are we great yet or are we still working on that?

It wouldn't be a defecit if they were taxing the richest people who hold 70% of the money after everyone spends it! Oh wait they can't tax their friends that'd be bad no no.

And what was the price tag on cuts to the rich? No No No Not counting PPP loans To them

We should pass another round of tax cuts so the wealthy can enjoy more of the fruits of their labor.

TrumpIsKillingAmericans

MAGA Clinton reduces annual deficits. Bush explodes annual deficits. Obama reduced annual deficits by around 60%. Trump explodes annual deficits. Does anybody notice a trend? Where the hell have the Tea Party twits gone?

TrumpDeficit

I’m still tired of all the winning.

Let's not forget realDonaldTrump already had the récord déficit on Goverment before the Covid_19. So strange for a guy with 4 bankruptcies.

Does Amazon pay taxes?

Run it right into the ground but before you go take all you can grab.

Republicans aren’t fiscally conservative anymore.

Did the $500 billion donation to unnamed corporations have anything to do with this?

Don't forget all the gifts to corporations and even religious institututions...and Trump's friends.

We did you guys! America is number 1 in budget deficit! MAGA

And the Trump tax cut.

Also the recent historic tax cut for the rich! If we taxed capital gains at the same rate as income and instituted a 2% wealth tax we would be fine, and we’d be a healthier democracy.

Dow's up 420 points. USA isn't functioning at any level.

Not to mention the 100's of millions of dollars that went to Trump friends, donors and related family companies.

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Presidents shouldn't be eligible for reelection either.

Thanks to the economic “genius” and 🍊 moron, Despicable Donald Trump.

REPUBLICANS ARE CONSISTENT is stealing from U.S. Treasury

DEMOCRATS MUST BE GIDDY WITH JOY!

Damn we’re broke af

Where’s the outrage from Tea Party Republicans on this? Did they lose interest in this?

Fueled by the greedy at the top, funneling money meant for relief to their friends instead.

fiscal conser.....oh nevermind, they never were.

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