Washington (AP) — The US budget deficit has risen to $ 2.71 trillion by August and will be the second largest in history as trillions of dollars have been spent bailout for COVID.
The Treasury said in a budget report on Monday that the deficit in the first 11 months of the budget year was 9.9% less than the imbalance of the same period last year.
The Congressional Budget Office forecasts a $ 3 trillion deficit for the entire budget year ending September 30. This will be just below the record deficit of $ 3.13 trillion set last year.
Last year’s deficit doubled the $ 1.4 trillion record set under the Obama administration in 2009 as the government spent so much on fighting the severe recession following the 2008 financial crisis. That was all.
During the first 11 months of this budget year, government revenues totaled $ 3.39 trillion. This is a healthy increase of 17.7% from last year as millions of people have returned to work, boosting personal income and corporate profits as a result of the economic recovery from the recession caused by COVID.
Government spending fell 4% to $ 6.21 trillion. Both this year’s and last year’s spending was spent to prevent the economy from falling into a protracted recession by providing individualized subsidies, increased unemployment benefits, and billions of dollars in permissible loans to SMEs. It reflects only trillions of dollars.
US budget deficit increased to $ 2.71 trillion by August | WGN Radio 720
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