Washington — The US budget deficit reached a record $ 2.6 trillion in the first eight months of this year’s budget as the coronavirus rescue program pushed spending to record highs.
This year’s shortfall is 9.7% above the $ 1.88 trillion deficit in the year-ago quarter, the Treasury said in a monthly budget report Thursday.
According to the report, spending from October to May totaled $ 4.67 trillion, up 19.7% from the year-ago quarter. Government tax revenues were $ 2.61 trillion, up 29.1% from the year-ago quarter.
However, this year’s numbers have been strengthened by tax payments in May, one month later than the usual April deadline and one month earlier than last June’s deadline.
Since the COVID-19 pandemic in March 2020, which left 22 million people unemployed, the government has responded even more strongly by increasing trillions of dollars in spending.
This support includes three direct payments to individuals and the final payment approved by President Joe Biden’s $ 1.90 trillion bailout package passed parliament in March. I am.
Other support programs provided billions of dollars in emergency unemployment benefits and relentless lending.
The budget year deficit up to September 30 totaled $ 3.1 trillion. Byden, who announced his first budget earlier this month, has totaled a deficit of $ 3.67 trillion this year, reflecting an ambitious plan to spend more on infrastructure and American families over the next decade. Expected to exceed $ 1 trillion annually.
The federal annual deficit first exceeded $ 1 trillion in 2009, four years as the severe recession triggered by the 2008 financial crisis pushed down tax revenues and increased government spending to combat the recession. Was above that level.
The May deficit was $ 398.8 billion in May 2020, with a total deficit of $ 132 billion in May due to heavy spending on the first pandemic relief program and postponement of tax dues.
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This year’s U.S. budget deficit reached a record $ 2.1 trillion
Source link This year’s U.S. budget deficit reached a record $ 2.1 trillion