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