U.S. Borrows to Offset Economic Impact of COVID-19

Nation’s budget deficit surpasses $284.1 billion.

The United States will start 2021 with the largest budget deficit it has ever seen according to numbers released by the Department of the Treasury. In October the nation’s deficit was $284.1 billion, twice as much as the same time last year. The cause for such a large gap between what the nation brings in compared to how much it spends is largely due to an increase in spending to ease the impact of the COVID-19 pandemic.

All in all, the national deficit for the 2020 fiscal year was $3.1 trillion. The previous record was $1.4 trillion set in 2009. The all-time largest monthly deficit came in June of this year. The Congressional Budget Office forecasts that the annual deficit will continue to remain over $1 trillion into 2030, continuing the growth of the national debt. 

As the Lord Leads, Pray with Us…

  • That God would lead the Congressional Budget Office to accurately forecast the nation’s financial future. 
  • That Congress and the president will work together to set an effective budget for the nation. 
  • That God would use the Treasury Department to keep the nation financially stable. 

Sources: AP, NPR


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