June deficit sets record at $864 billion

The federal deficit set a new record in June, hitting a whopping $864 billion as coronavirus relief funds rolled out of the Treasury.

The government data released Monday showed the annual deficit had risen to $2.7 trillion in the first three quarters of the fiscal year, nearly double the largest full-year deficit on record.

Congress has approved more $3 trillion in emergency aid and support and is considering another round of relief before the end of the month, when a slew of benefits are set to expire.

The GOP-controlled Senate is looking at a roughly $1 trillion bill, about one-third the price tag of the package passed by House Democrats in May.

Even without another coronavirus relief bill, the annual deficit is on track to exceed $3.8 trillion, more than double the $1.4 trillion amassed in 2009 during the Great Recession.