The deficit so far this year is 30. 3% higher than the $1. 48 trillion deficit accumulated a year ago during the same period, the Treasury Department said Wednesday in its monthly budget report.
The red ink oceans over the two years are largely due to the effect of the coronavirus pandemic, which led the government to approve billions of dollars in canopy support for 3 individual payment cycles, plus unemployment benefits and help for small ones. enterprises.
The deficit for the fiscal year that ended September 30 surpassed a record $3. 1 trillion and many economists estimate that this year’s total will exceed that amount. Some forecast a $3. 3 trillion deficit.
By April, the deficit totaled $225. 6 billion, below a deficit of $738 billion in April 2020. This improvement reflected the fact that fewer relief bills had been made this year and that Americans who made quarterly tax bills had to meet the april general deadline. year, all tax bills were late at the beginning of the pandemic.
Revenues for the October-April era totaled $2. 14 trillion, 16. 1% more than at the same time a year ago, a profit that increased through quarterly non-public tax bills in April. jobs due to pandemic closures.
Spending during the first seven months of this fiscal year totaled $4. 07 trillion, up 25. 8% from the same time a year ago, when the government of either era passed massive pandemic aid bills.
The $1. 93 trillion deficit during the first seven months of this fiscal year $459. 4 billion higher than the $1. 48 trillion deficit accumulated at the same time a year ago.
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