US budget deficit hits $2.77 trillion in 2021, 2nd highest

[Omaha Steve]

Source: AP

By MARTIN CRUTSINGER

WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

Before the deficit ballooned during two years of a global pandemic, the highest the biggest deficit had been a shortfall of $1.4 trillion in 2009 as the U.S. spent heavily to lift the country out of a severe recession following the 2008 financial crisis.

For 2021, the joint report from Treasury and the Office of Management and Budget said that government spending increased 4.1% to $6.82 trillion. This was offset by an increase of 18.3% in government revenues, a gain that reflected an improving economy as millions of people who had lost jobs at the start of the pandemic went back to work and corporate profits were rejuvenated after a horrendous 2020.



FILE - In this May 4, 2021, photo, the Treasury Building is viewed in Washington. The Treasury Department says that the economic and financial sanctions the United States has employed over the past two decades to battle global terrorism, nuclear proliferation, drug cartels and other threats need to adapt to a rapidly changing financial world. The department issued a report Monday, Oct. 18, 2021, that said it needs to modernize the technology it uses and upgrade its workforce to deal with new tools and techniques, such as digital currencies. (AP Photo/Patrick Semansky, file)


Read more: https://apnews.com/article/business-economy-government-spending-financial-crisis-14dab966ccfab3e22c5f4095f84542fa

[Cryptoad]

1. Budget deficit is a ,,,,,,

meaningless figure unless expressed as ratio to GDP.

[AZLD4Candidate]

2. The repubicans will spin it as Biden's fault and the Media will carry their water from them and

Most Americans will swallow that water without thinking.

However, this last budget was TFG's last budget, so Biden is getting his first budget resolution now.

But the media won't say that because it doesn't fit the "tax and spend" narrative, which I never understood, since the Republican mantra has always been "spend and spend."

[MichMan]

7. True, but the House and Senate had to pass it as well

[PSPS]

3. And how much was the trump tax giveaway to the oligarchs?

[chowder66]

4. It probably would also be bit lower if TFG did anything to curb Covid from the start. nt

[Wolf Frankula]

5. Deficits Don't Matter

Liz Cheney's daddy said so.

Wolf

[eppur_se_muova]

6. TFG had a bigger deficit ! The biggest ! A big, beautiful big-league deficit !

No one does deficits like TFG !