WASHINGTON (Reuters) - The U.S. budget deficit hit a record $3.132 trillion during fiscal 2020, more than triple the 2019 shortfall, as a result of massive coronavirus rescue spending, the U.S. Treasury said on Friday.
The deficit more than doubled the previous record of $1.416 trillion in fiscal 2009, when the United States was battling a financial crisis
At the start of the 2020 fiscal year ended Sept. 30, the U.S. government had been forecast to rack up a $1 trillion deficit before coronavirus lockdowns began in March.
In September, the year’s final month, the U.S. budget deficit was $125 billion, compared with an $83 billion surplus in September 2019, the Treasury said.
September receipts totaled $373 billion, just $1 billion below a year earlier as higher Federal Reserve earnings and excise tax collections made up for lower personal and corporate income tax receipts. September outlays rose by $206 billion from a year earlier to $498 billion.
Receipts for the full fiscal year totaled $3.42 billion, a decrease of $43 billion or 1% from fiscal 2019. Fiscal 2020 outlays jumped $2.105 trillion from 2019 to a total of $6.55 trillion, with the increase made up almost entirely from increased healthcare and unemployment compensation costs, and the cost of small business and corporate rescue programs approved by Congress.
Reporting by David Lawder; Editing by Andrea Ricci