Deficit beats estimates as unemployment benefits trimmed
- Last August deficit was $200.0B
The annually comparison is really a poor one because August 1 fell on a weekend and that changed the timing of payments. If you adjust for calendar shifts, the deficit would have been $255B vs $146B last year.
Still, considering there’s a pandemic that’s not bad.
Where the deficit fundamentally comes in is dependent upon what gets passed with regards to stimulus or forgiving payroll taxes. Both are unlikely.
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