The United States budget deficit grew to a record $864 billion in June as the federal government continued pumping money into the economy to prop up workers and businesses affected by the coronavirus pandemic,

The deficit was driven largely by government spending related to the Paycheck Protection Program, which by the end of June had approved more than $500 billion loans to support small businesses. Over all, government outlays topped $1.1 trillion last month, while receipts were down sharply as a result of tax payments that have been deferred until mid-July.

The monthly deficit was the largest since April, when it hit a record gap of $738 billion. For the fiscal year to date, the government is generating red ink at a record clip. So far in fiscal 2020, the deficit is $1.99 trillion, a 267 percent increase from 2019.

The figures underscore the deep fiscal hole facing the United States as it copes with a pandemic that has thrown millions of people out of work and shuttered businesses, resulting in a surge of bankruptcies around the country.

The swelling deficit, while expected, could further complicate talks for another rescue package given Republicans’ concerns about the financial tab. Lawmakers are preparing to resume negotiations over another round of fiscal support as the virus remains resurgent in many parts of the United States.

Trump administration officials have been calling for a payroll tax cut, a capital-gains tax holiday, additional targeted relief to industries that have been hit hardest by the pandemic — such as travel and tourism — and another round of stimulus checks.

The next bill could cost $1 trillion to $3 trillion.

A few weeks ago I thought $1 trillion would be enough, But now, a fiscal package at least of $1.5 trillion in stimulus aid is needed in large part because of the virus’ resurgence across swaths of the U.S., which is causing economic headwinds in those states.

States that reopened early — such as Arizona and Texas — are suffering from surges in coronavirus cases, leading to rollbacks of economic activity as local officials try to stem infections.

The economic recovery has gone sideways in recent weeks, Unfortunately, the rapid reopenings has also reignited the virus. States like California, Nevada, are closing bars and restaurants again, and The U.S. could end up in a very, very dark economic scenario without another stimulus package, or one that fails to provide enough support, unemployment could rise in the fall if states order more businesses to close to halt the spread of virus, while consumers may shy from spending if they feel unsafe while leaving their homes,.

What do you think? Do you feel safe spending money during this hard times? Please comment below and help this channel by subscribing and clicking on the like button.
Thank for watching.

Hey, Welcome to my Fuchsia Budget Life.

I’m Katie, I’m on a debt free journey to pay off over 22k of debt, using a zero based budget.

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Credit cards can be good and they can be bad. But if you use them for ther right reasons and in the right way you can avoid costly mistakes.

This video takes you through my top cards for 2023, including the best reward and cashback cards to make money, the best purchase and travel cards to save money, the best balance and money transfer cards to clear debts and the best new cards to build your credit score.

#creditcards #buildcredit #cashback

MORE

Chase Bank debit card review https://www.youtube.com/watch?v=JYmk1YbJrBk &t

Best American Express credit cards
https://www.youtube.com/watch?v=NChYckFmi6M &t

Balance Transfer credit cards explained
https://www.youtube.com/watch?v=2-tr26CuHF8 &t

Best first time credit cards https://www.youtube.com/watch?v=ZTlxpJzXR3U &t

S U B S C R I B E https://www.youtube.com/channel/UC_T7G3RjQe7ghD0ikr4reuw?sub_confirmation=1

N E W S L E T T E R – https://becleverwithyourcash.com/newsletter/
(You’ll also get a free Quidco bonus for signing up)

T W I T T E R – https://twitter.com/AndyCleverCash

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B L O G – https://becleverwithyourcash.com

00:00 The best credit card for you
02:26 Best credit card welcome bonuses
05:17 Reward & Cashback credit cards
07:23 Travel credit cards
08:00 0% Purchase credit cards
10:15 0% Balance Transfer credit cards
11:40 0% Money Transfer credit cards
12:36 Credit Building credit cards

A B O U T A N D Y

Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader’s Digest. Andy also founded the community ukmoneybloggers.com.

DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

Chris Leyland, Director of Investment Strategy, discusses UK retail data which shows online shopping sales to be decreasing, as well as Petrol sales. UK Consumer spending habits are evolving and adapting to the current financial climate of high living costs and price increases.

#ukspendinghabits #ukretail #inflation #costofliving

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