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Coronavirus: U.S. budget deficit tops $3 trillion as 2020 fiscal year nears end

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coronavirus pandemic has pushed the U.S. federal budget deficit above US$3 trillion for the first 11 months of fiscal 2020, more than doubling the previous full-year record, the U.S.

Treasury said on Friday.The budget deficit for August was US$200 billion, matching the deficit in August 2019 but lower than the US$245 billion forecast by analysts in a Reuters poll.

However, US$55 billion worth of benefit payments were shifted into July because August started on a weekend.The US$3.007 trillion year-to-date deficit was nearly triple the US$1.067 trillion deficit for the comparable year-ago period, spurred by a massive increase in government spending to battle the economic fallout from the pandemic.

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