After massive spending to shore up the economy hammered by the pandemic and to save U.S. businesses from going belly up, the U.S. federal budget deficit hit a record $3.132 trillion during fiscal 2020.
That’s according to the U.S. Treasury on Friday - which said the deficit more than doubled the previous record of $1.416 trillion in 2009, during the financial crisis.
At the start of the 2020 fiscal year, the U.S. government had been forecast to rack up a $1 trillion deficit. But that was before coronavirus lockdowns began in March - sending the economy into a tailspin.
The final fiscal 2020 deficit numbers come as the Trump administration and Congress have been unable to agree on a new round of coronavirus stimulus, with many Senate Republicans calling for fiscal restraint in another package.
Meanwhile - millions of Americans remain out of work and the $600 extra boost to weekly unemployment payments has dried up.