US deficit for current budget year climbs to $2.24 trillion

WASHINGTON (AP) — The U.S. authorities’s deficit for the primary 9 months of this funds yr hit $2.24 trillion, preserving the nation on monitor for its second greatest shortfall in historical past.

In its month-to-month funds report, the Treasury Division mentioned Tuesday that the deficit for the funds yr that ends in September is working 9.1% beneath final yr’s tempo.

The deficit for the complete 2020 fiscal yr was a file $3.1 trillion. The Congressional Price range Workplace is projecting that this yr’s deficit will whole a barely smaller $3 trillion. The deficits in each years have been bloated by the multitrillion-dollar spending packages the federal government has handed to fight the financial downturns attributable to the coronavirus pandemic.

Earlier than the coronavirus pandemic, the earlier deficit file was $1.4 trillion, set in 2009 when the federal government was looking for to offset a steep financial downturn triggered by the 2008 monetary disaster.

To date this fiscal yr, authorities receipts have totaled $3.06 trillion, up 35.2% from the identical interval a yr in the past. The quantity for final yr was pushed downward by the truth that varied tax deadlines have been delayed, so income collections have been decrease as a result of funds got here in after June.

Spending within the October-June interval totaled $5.29 trillion, up 5.8% from the identical interval final yr.

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