About: http://data.cimple.eu/news-article/969796fab8a756b2eb12b96f56fd0a24a17517603a771f00f4d47753

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About: http://data.cimple.eu/news-article/969796fab8a756b2eb12b96f56fd0a24a17517603a771f00f4d47753 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The US budget deficit surged 218 percent to a record $3.1 trillion in the fiscal year ended September 30 due to a massive increase in spending to help the economy weather the coronavirus pandemic, the government announced Friday. That was more than double the previous record deficit of $1.4 trillion hit in 2009 during the global financial crisis. As spending ramped up and tax receipts fell due to the widespread business shutdowns, the Treasury Department said total government US debt soared to $26.9 trillion -- larger than the size of the economy which shrunk in the second quarter to less than $20 trillion. The budget gap under President Donald Trump already had been on the rise prior to the pandemic and hit $1 trillion this year for the first time since 2012 following the massive tax cut passed in late 2017. Administration officials tried to put a positive spin on the figures, crediting Trump with acting quickly to deploy resources to ease the economic damage for American businesses and families. "Under President Trump's leadership, the economy has begun an incredible comeback," Treasury Secretary Steven Mnuchin and White House budget chief Russell Vought said in a joint statement. "The Administration remains fully committed to supporting American workers, families, and businesses and to ensuring that our robust economic rebound continues," Mnuchin added. Trump's team for weeks has been locked in talks with Democratic leaders in Congress on a new rescue package to follow up on nearly $3 trillion in resources deployed in the early days of the pandemic, including the $2.2 trillion CARES Act. Officials now acknowledge that it will be difficult to reach a deal before the November 3 presidential election, or to get the funds out even if they manage to agree. Federal government outlays increased 47 percent in the fiscal year while outlays declined 1.0 percent. However, the fiscal picture has been helped by borrowing rates near zero, dropping interest payments by 9.0 percent or $50 billion. hs/cs
schema:headline	US deficit hits record $3.1 tn amid pandemic spending surge: govt
schema:mentions	Steven Mnuchin United States Department of the Treasury Great Recession National debt of the United States 2016 United States presidential election Presidency of Donald Trump United States Congress Pandemic United States Coronavirus President of the United States Donald Trump Russell Vought Becky Mode
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-16 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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