Government spending

FILE - In this Dec. 9, 2019, file photo mist rolls over the U.S. Capitol dome on Capitol Hill in Washington. The federal government recorded a budget deficit of $1.88 trillion for the first eight months of 2020, larger than even any annual shortfalls in U.S. history. The sea of red ink grew as government spending shot up to deal with the coronavirus pandemic and tax revenue shrank when millions lost their jobs. (AP Photo/Patrick Semansky, File)

Delegates stand during the closing session of China's National People's Congress (NPC) in Beijing, Thursday, May 28, 2020. China's ceremonial legislature has endorsed a national security law for Hong Kong that has strained relations with the United States and Britain. (AP Photo/Mark Schiefelbein)

FILE - In this Oct. 1, 2019, file photo, soldiers from China's People's Liberation Army (PLA) Navy let out a yell as they march in formation during a parade to commemorate the 70th anniversary of the founding of Communist China in Beijing. China will boost defense spending by just 6.6% in 2020, the lowest rate in years as it battles an economic crisis brought on by the coronavirus outbreak, the government said Friday, May 22, 2020. (AP Photo/Mark Schiefelbein, File)

An elderly man recovers from a respiratory illness in a special section built for COVID-19 patients at the INERAM, a hospital specializing in respiratory diseases, in Asuncion, Paraguay, Wednesday, May 13, 2020. Paraguay is one of the least hit countries by COVID-19, with 11 deaths confirmed by the Health Ministry. (AP Photo/Jorge Saenz)

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. Powell provided a bleak outlook for the U.S. economy in remarks Wednesday, May 13, and urged Congress and the White House to act further to offset the damage from the viral outbreak. (AP Photo/Jacquelyn Martin, File)

FILE- In this May 30, 2018, file photo the East Front of the U.S. Capitol in Washington is seen under stormy skies. The federal government piled up a record deficit in April, traditionally a month of big budget surpluses. The sea of red ink is being created by a drop in revenue and a massive increase in spending to fund efforts to deal with the coronavirus pandemic. The Treasury Department said Tuesday, May 12, 2020 that the government racked up a shortfall of $737.9 billion last month. That was more than three times larger than the previous record monthly deficit of $235 billion set in February. (AP Photo/J. Scott Applewhite, File)

FILE - In this April 2, 2019, file photo, Australian Treasurer Josh Frydenberg addresses the media as he arrives at Parliament House in Canberra, Australia. Treasurer Frydenberg said the country faces a “sobering” economic outlook due to the effects of the coronavirus and said it would have the largest deficit in its history when a revised budget is released in October. (AP Photo/Rod McGuirk, File)

FILE - In this March 7, 2020 file photo, a man walks past a banner showing Saudi King Salman, right, and his Crown Prince Mohammed bin Salman, outside a mall in Jiddah, Saudi Arabia. Saudi Arabia announced Monday, May 11, 2020, it is tripling taxes on basic goods to 15% and will cut spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy. (AP Photo/Amr Nabil, File)

FILE - in this Wednesday, April 22, 2020 file photo, a man with a face mask and a child with an European flag attend an event of the Pulse of Europe movement to collect signatures for more support for Italy during the coronavirus and the COVID-19 outbreak in front of the Italian embassy in Berlin, Germany. European Union leaders are preparing for a new virtual summit, which will take place Thursday, April 23, 2020, to take stock of the damage the coronavirus has inflicted on the lives and livelihoods of the bloc's citizens and to thrash out a more robust plan to revive their ravaged economies. (AP Photo/Markus Schreiber, File)

FILE - In this July 18, 2019, file photo, former Vice President Al Gore speaks at Fordham University in New York. Gore endorsed Joe Biden’s White House bid on Wednesday, April 22, 2020, declaring that choosing the presumptive Democratic nominee over President Donald Trump is “not rocket science” and “not a close call.” (AP Photo/Richard Drew, File)