SILVER SPRING, Md. (AP) — The Treasury Department says the U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year.

That exceeds any on record, and it’s expected to eventually reach levels more than double the nation’s largest recorded annual deficit.

The department said Wednesday that the federal government rang up a $63 billion deficit in July.

That's a relatively modest amount compared to red ink that spilled in the spring months when the government tried to revive an economy that all but ground to a halt due to the coronavirus outbreak.

The July figure follows a record monthly deficit of $864 billion in June.

Enter your number to get our free mobile app