Article by Thomas Barrabi in Fox Business website
The U.S. federal budget deficit totaled $2.8 trillion during the 2021 fiscal year, marking the second-highest budgetary shortfall on record, but a slight improvement from the previous year as the economy recovers from the COVID-19 pandemic, the Treasury Department said Friday.
“Today’s joint budget statement is further evidence that America’s economy is in the midst of a recovery,” Treasury Secretary Janet Yellen said in a statement.
The deficit surged to a record $3.1 trillion in fiscal 2021 as the COVID-19 pandemic brought the economy to a virtual standstill and forced nationwide lockdowns. The previous record was a $1.4 trillion deficit following the 2008 financial crisis.
The deficit figures were announced amid an ongoing debate on Capitol hill regarding President Biden’s social spending bill, which is expected to cost about $2 trillion. President Biden and Democrats argue the plan is fully covered by proposed tax hikes on wealthy Americans, while Republicans say the plan will add to the federal deficit and stoke rising inflation.
The Congressional Budget Office projects the deficit will fall to $1.15 trillion for the current fiscal year and continue to decline over the next three years. Those projections do not account for passage of Biden’s proposed infrastructure and ……..
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