Posted on 08/11/2021 12:00:28 PM PDT by Oldeconomybuyer
WASHINGTON (AP) — The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.
The figures keep the deficit on track to be second largest annual shortfall in U.S. history, behind only the most recent fiscal year that ended Sept. 30.
Still, the Treasury Department reported Wednesday that the deficit through July is 9.5% lower than the same period a year ago.
That reflected improving tax collections as the economy recovers, and the winding down of many of the emergency support programs enacted after the pandemic struck in March of last year.
The deficit for the 2020 budget year hit an all-time high of $3.1 trillion after Congress passed trillions of dollars in support in the form of individual stimulus payments, enhanced unemployment benefits and support for small businesses.
The Congressional Budget Office is forecasting that this year’s deficit will narrow slightly to $3 trillion. The CBO projects further improvement for the next budget year, which starts Oct. 1, expecting the deficit to fall to $1.2 trillion.
(Excerpt) Read more at apnews.com ...
BiXiden:
Borrow Back Better....
I feel much better the deficit will fall to only 1.2 Trillion. What relief.
I feel much better the deficit will fall to only 1.2 Trillion. What relief.
AP’s task is done.
Now they try a head fake to pretend they didn’t know this the entire time.
And we are all up to our necks in funny money.
A million is a far cry from what it once was. A very far cry.
Libtards finally found something they’re good at:
waste and spend other peoples’s money
Don’t worry, we won’t run out of money, they will keep printing more, take another pill and calm down
I personally think that the plan is to bankrupt the USA. I think that it is intentional. Great Reset.
Gee, just imagine what Xiden could do with a whole four years!!
I wish I could say this is shocking news but the truth is politicians from both parties have been racking up the deficit since the 1980’s. China already owns us via the money we owe them. The Coronavirus Recession was just the final nail in the coffin.
I object on behalf of my children and grandchildren. They will be shackled with debt for the rest of their lives. Wait until inflation sets in.
Yup, part of the plan.
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