Data released by the U.S. Treasury Department on Wednesday showed the budget deficit in July fell to $63 billion from $119.7 billion in the same period a year earlier. The median market estimate is $90 billion. The deficit hit a record high of $864.1 billion in June.
in July, fiscal revenue increased by 124% year-on-year, reaching a record high, and expenditure increased by nearly 69%, reflecting the expenditure brought about by supplementary unemployment relief and small business support measures.
although the deficit narrowed in July, the total deficit in the first 10 months of this fiscal year was still as high as $2.8 trillion, an increase of $1.9 trillion over the same period last year. In February, before the economy was sealed off by the new outbreak, the office of management and budget expected a total deficit of $1 trillion for the fiscal year ending in September.