The deficit for the 2020 budget year hit an all-time high of $3.1 trillion after Congress passed trillions of dollars in support in the form of individual stimulus payments, enhanced unemployment benefits and support for small businesses.
backed only by Democrats to deal with such issues as poverty and climate change.
Collection of corporate taxes were up 61% so far this year to $324 billion as many companies saw rising profits as the country re-opened. Labor Department spending declined to $30 billion in July, from $80 billion in July 2020, a drop largely due to a decline in unemployment benefits as more Americans found jobs and many states phased out their expanded unemployment benefits ahead of their September cutoff.
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