US budget deficit spikes to record $3.1 trillion as coronavirus pandemic fuels massive debt increase

 (Independent)
(Independent)

The US budget deficit has hit an all-time record of $3.132 trillion during the 2020 fiscal year.

In just a year, the figure has tripled due to spending to help support the economy in response to the coronavirus pandemic.

The deficit is now more than double the previous record of $1.416 trillion reached in fiscal year 2009 at the height of the global financial crisis.

More to follow...