US Budget Deficit Surges to $864 B in June

The US federal budget deficit increased to $864 billion in June with increased spending on COVID-19 stimulus and relief programs coupled with reduced taxes, data by the US Department of Treasury showed.

The year-to-date fiscal deficit stands at $2.7 trillion, Reuters reported.

Expenditure increased by 223% to $1.1 trillion, a record monthly increase.

Meanwhile, revenues decreased by 28% to $241 billion.