Overwhelming Outlays

The FY2020 (10/1/19-9/30/20) budget deficit of $3.1 trillion more than tripled from $984 billion in FY2019. As a share of GDP, the deficit rose from 4.6% to 15.2%, the largest since 1945. Revenues totaled $3.4 trillion, down just 1% from a year earlier, as revenues from Oct-March rose 6% due to strong economy, but fell 7% from April-September due to Sars-Cov-2, while spending hit $6.5 trillion, a rise of 47%.