© 2026 WGCU News
PBS and NPR for Southwest Florida
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Red Ink Overflowing: In June, U.S. Borrowed A Typical Year's Worth

With three months left in the fiscal year, the deficit is already nearly twice as large as the previous record set in 2009 during the Great Recession.
With three months left in the fiscal year, the deficit is already nearly twice as large as the previous record set in 2009 during the Great Recession.

The federal deficit ballooned last month as the U.S. government tried to cushion the blow from the coronavirus pandemic. The red ink in June alone totaled $864 billion.

The federal government ran a bigger deficit last month alone than it usually does all year. Washington spent hundreds of billions of dollars trying to prop up small businesses and assist laid-off workers.

With three months left in the government's fiscal year, the year's deficit of $2.7 trillion is already nearly twice as large as the previous record of $1.4 trillion, set in 2009 during the Great Recession.

While the government is spending heavily on the pandemic, tax collections in June were lower than usual. The filing deadline for 2019 income taxes was postponed until July 15.

Congressional forecasters expect the federal deficit for the full year to reach $3.7 trillion. With infections on the rise, Congress is expected to consider additional relief measures this month.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.
Trusted by over 30,000 local subscribers

Local News, Right Sized for Your Morning

Quick briefs when you are busy, deeper explainers when it matters, delivered early morning and curated by WGCU editors.

  • Environment
  • Local politics
  • Health
  • And more

Free and local. No spam. Unsubscribe anytime.

More from WGCU
  • The Town of Fort Myers Beach will begin issuing violation notices in the coming weeks to short-term rental properties that are not registered with the Town. The Town has identified approximately 500 short-term rentals currently operating without the required registration. Many of these rentals are managed by property management companies that have not completed the registration process.
  • The Florida Department of Transportation (FDOT) is boosting safety and convenience along I-75 with upcoming installations. A pre-construction information session covering new interchange construction at I-75 at Toledo Blade Boulevard and Sumter Boulevard in Sarasota County will be held on Tuesday, Jan 6.
  • Animals in south Florida don’t have to worry much about winter cold – and indeed many migrants from areas farther north find suitable living conditions here. But, a trip to the beach or on a rare blustery day sometimes makes one wonder. How do ducks, herons, egrets, and other birds tolerate wading or swimming in cold weather? Aquatic birds, for example, have bare skinny legs with leg muscles placed among insulating feathers.Blood vessels going to and from the very few muscles in the legs and feet lie right next to one another, and cold blood going back into the body is warmed by warmer blood coming from the body – and is nearly the same temperature as the blood circulating in the well-insulated body.