U.S. deficit nears $1 trillion — the largest it’s been in 7 years That total would surpass the previous annual record of $1.4 trillion set in 2009 when the government was spending heavily to lift the country out of the recession caused by the 2008 financial crisis.The June deficit was driven higher by spending on various government relief programs such as an extra $600 per week in expanded unemployment benefits and a Paycheck Protection Program that provided support to businesses to keep workers on their payrolls.The report showed that the cost of the Paycheck Protection Program in June was $511 billion.
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