The October deficit was double the US$134.5 billion deficit logged in October 2019. The deficit for the 2020 budget year, which ended September 30, totaled a record US$3.1 trillion, breaking the old mark for an annual deficit of US$1.4 trillion set in 2009. The Congressional Budget Office is projecting that this year’s deficit will remain above the US$1 trillion level, coming in at US$1.8 trillion, the second largest annual deficit on record but an improvement over the US$3.1 trillion set in 2020. She said that if Congress approved another US$1 trillion in economic support that could push the deficit to US$2.5 trillion next year. In a September report, the CBO forecast annual deficits will remain above US$1 trillion through 2030.-AP

Source: The Standard November 13, 2020 07:30 UTC