Increase in spite of month of November year over year totals dropping.
The Treasury Department reported a deficit totaling $429.3 billion in the first two months of the fiscal year, a 25.1% higher rate than the $343.3 billion overspent this time last year. The rate reflects multiple differing factors between this year and last year, including coronavirus relief spending and a decline in tax revenue from lack of American spending.
Spending will likely increase exponentially as the pandemic continues to spike across the United States. If Congress does pass the relief bill the senate is currently writing, it could likely propose $1 trillion more in spending for the fiscal year. Even without that bill in effect, the Congressional Budget Office estimates that a $1.8 billion deficit at the end of the fiscal year is likely.
As the Lord Leads, Pray with Us…
- For the U.S. Treasury in their continued reporting and data-keeping.
- That Congress would strike the delicate balance of care and fiscal discernment in coronavirus relief.
- That President Trump would lead America through the deficit with wisdom and understanding.
Sources: AP, MarketWatch
