The U.S. fiscal year 2020 deficit reaches $3.1 trillion, a record high

　　China News Service, Washington, October 16 (Reporter Sha Hanting) The U.S. Treasury Department released data on the 16th local time showing that the U.S. federal government's fiscal deficit reached 3.1 trillion U.S. dollars in fiscal year 2020, a record high.

　　The U.S. fiscal year 2020 is from October 1, 2019 to September 30, 2020.

The fiscal report released by the Treasury Department this time shows that the US fiscal deficit in fiscal 2020 will reach 3.1 trillion US dollars, about three times that of fiscal 2019.

The fiscal deficit for fiscal year 2019 was $984 billion.

　　In fiscal 2020, the US fiscal deficit of 3.1 trillion US dollars has created the highest annual fiscal deficit in US history.

The previous record was $1.4 trillion set in 2009.

The fiscal deficit in fiscal 2020 accounted for 15.2% of the US gross domestic product (GDP), the highest level of GDP since 1945.

　　The report shows that federal fiscal revenue for fiscal year 2020 was US$3.42 trillion, a year-on-year decrease of 1.2%; federal spending was US$6.55 trillion, a year-on-year increase of 47.3%.

The main reason for the sharp increase in expenditure is that the government has launched a series of economic stimulus plans in response to the new crown pneumonia epidemic.

　　U.S. Treasury Secretary Mnuchin issued a statement on the same day that the Trump administration will "continue to work to provide protection for American workers, families, and businesses, and to ensure the rapid recovery of the U.S. economy."

　　Since the outbreak of the epidemic, the United States has passed multiple rounds of economic stimulus bills, with a total of nearly US$3 trillion in funding, including unemployment subsidies, assistance to small businesses, and assistance to industries severely affected by the epidemic.

But most of the aid projects expired in early August.

　　Currently, the two parties in Congress are still in progress on a new round of economic stimulus plan negotiations.

The negotiations have lasted for several months, but due to the large differences between the two parties on the total amount of aid, they have not yet reached an agreement.

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