Soaring U.S. budget deficit takes a breather in July—but only as delayed tax payments offset federal coronavirus relief

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the U.S. budget deficit shrank in July to the lowest level since the start of the coronavirus pandemic, but the government is still on track to post the biggest shortfall as a share of the economy since World War II because of massive federal aid for households and businesses. The U.S. deficit slid to $68 billion last month from a record $864 billion in June.