The Congressional Budget Office (CBO) announced that “the federal budget deficit in June 2020 was $863 billion, compared with a deficit of $8 billion in the same month last year.” The overall deficit for fiscal year 2020 now stands at $2.7 trillion, according to the CBOs Monthly Budget Review for June. “The increase stems from the economic disruption caused by the [COVID-19] pandemic and the federal government’s response to it,” the CBO said. In addition, outlays by the Small Business Administration, which oversees the Paycheck Protection Program, accounted for almost half of government spending. Read the report: Call or visit our website for more information!