The federal government logged an estimated budget deficit of $1.48 trillion for the first seven months of fiscal year 2020, which a Congressional Budget Office (CBO) report said “appears to be unprecedented.” The deficit was $949 billion more than the same period last year, as receipts fell $200 billion and outlays rose $749 billion. “That substantial difference stems from the economic disruption caused by the novel coronavirus pandemic and from the federal government’s response to it,” including Administration actions and passage of the Coronavirus Aid, Relief and Economic Security Act and the Families First Coronavirus Response Act, the CBO stated. Read the report: https://bit.ly/3dzPt8Y
