US budget deficit hits record $1.9 trillion so far this year

WASHINGTON (AP) — The U.S. budget deficit surged to a record of $1.9 trillion for the first seven months of this budget year. The yawning shortfall is due to the billions of dollars being spent in coronavirus relief packages. The Treasury Department said Wednesday in its monthly budget report that the deficit so far this year is 30.3% higher than the $1.48 trillion deficit run up over the same period a year ago. The deficits in both years showed the impact of the pandemic, as the government began approving trillions of dollars in relief to cover three rounds of individual payments, extra unemployment benefits and support for small businesses.