Federal Spending Tops $6 Trillion for First Time… Deficit Smashes Record… Economic Bellwether Shows Recovery Losing Steam

Federal Spending Tops $6 Trillion for First Time…Deficit Smashes Record…

(CNSNews.com) – Federal spending has topped $6 trillion for the first time in any fiscal year in the nation’s history and the federal deficit has topped $3 trillion for the first time, according to the Monthly Treasury Statement for August that was released today.

There is still another month left in fiscal 2020, which runs through the end of September.

Economic Bellwether Shows Recovery Losing Steam

LONDON—The global economy is bouncing back strongly from the collapse it suffered in the spring, but fresh data suggest the early gains from the lifting of coronavirus lockdowns are already exhausted, adding to evidence that the world economy could take many months, if not years, to heal.

Fresh figures from the U.K. provide valuable insight into the state of the continuing economic recovery. The country is one of a handful of economies to release month-to-month figures for economic growth and is also the largest to do so, offering a more up-to-date snapshot than quarterly gross domestic product figures provide.

The U.K. economy grew 6.6% in July from June, having expanded by 8.7% in that earlier month. That puts the U.K. on track for a 15% gain in output in the third quarter, following a 20.4% drop in the second.