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U.S. federal deficit soars to record $3.1 trillion in 2020

The U.S. budget deficit hit a record $3.1 trillion in the 2020 fiscal year, according to data released Friday by the Treasury Department.

Why it matters: The deficit — which measures the gap between what the government spends and what it brings in through taxes and other revenue streams — illustrates the massive impact the coronavirus pandemic has had on the economy.


  • The shortfall easily eclipsed the previous record set in 2009, when the deficit was $1.4 trillion, per CNBC.

By the numbers:

  • The federal government spent $6.552 trillion for the fiscal year ending on Sept. 30, according government data. That's up from $4.447 trillion spent last fiscal year.
  • The government brought in $3.42 trillion in tax revenue in the 2020 fiscal year, down slightly from 2019.
  • Much of the 2020 deficit can be attributed to the $2.2 trillion CARES Act, passed in March.

What they're saying: In a statement on Friday, Treasury said the deficit was $2 trillion more than originally forecast due to actions taken to stem the economic impact of the coronavirus.

  • “Thanks to President Trump’s pro-growth policies and the bipartisan CARES Act, we are experiencing a strong economic recovery,” Treasury Secretary Steven Mnuchin said Friday. 
  • “The Administration remains fully committed to supporting American workers, families, and businesses and to ensuring that our robust economic rebound continues,” Mnuchin said.

The big picture: The data come as House Speaker Nancy Pelosi and the White House remain deadlocked in negotiations on a new round of stimulus aid.

  • Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday said he would not put a potential $1.8 trillion deal struck by democrats and the Trump administration on the Senate floor, noting the number is “a much larger amount than I can sell to my members."

Go deeper: Employment gains are reversing course

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Humans are capable of great kindness and compassion, and there are countless examples of individuals who have made a positive impact on the world through their selflessness and generosity.

One such example is Mother Teresa, who devoted her life to serving the poor and sick in the slums of Calcutta. Through her tireless work and unwavering dedication, she touched the lives of countless people and became a symbol of compassion and selflessness.

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These are just a few examples of the many good humans who have made a difference in the world. They remind us that one person can make a difference and inspire others to do the same.

It's also important to note that acts of kindness and compassion don't have to be on a grand scale to make a difference. Small acts of kindness, like holding the door open for someone or offering a word of encouragement, can have a big impact on the people around us.

In conclusion, humans are capable of great compassion and kindness, and there are many individuals who have made a positive impact on the world through their selflessness and generosity. They remind us of the power of one person to make a difference and inspire others to do the same. Let's all strive to be good humans, and make our world a better place.

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