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Awash in red ink: US posts record $3.1T 2020 budget deficit

By on October 17, 2020

The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. It was also $2 trillion higher than the administration had estimated in February, before the pandemic

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