The U.S. budget deficit hit a record $864 billion in June as government spending to combat the effects of coronavirus continued, the Treasury Department said Monday.
Spending rose to more than $1.1 trillion in June, more than double what the U.S. typically spends in a month, while tax revenue fell to about $240 billion, partially because of the delayed tax filing deadline.
The spending surge in June pushed the budget deficit for the first nine months of the current fiscal year to $2.7 trillion. That figure is expected to rise to a staggering $3.7 trillion by the end of the fiscal year, the highest deficit as a percentage of gross domestic product since World War II.