Federal deficit tripled to $3.1 trillion in fiscal year 2020, largest as share of the economy since World War II
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(Worthy News) – The federal deficit for fiscal year 2020 was $3.1 trillion, triple last year’s figure, the Congressional Budget Office estimated Thursday.
The shortfall for the fiscal year, which ended on Sept. 30, was the largest since 1945, relative to the size of the economy, driven in large part by pandemic relief spending.
For the first half of the year, the deficit was only up 8% on the year. In the second half, it was eight times larger. [ Source: Washington Examiner (Read More…) ]
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