The government of USA (USA) posted its second largest budget deficit in this fiscal year 2021, although the amount was slightly down from the same period last year.
This year’s deficit reached $ 2.77 billion in comparison with the $ 3.13 billion last year, and both years reflect massive government spending in response to the coronavirus (COVID-19).
The Biden Administration said the lower number was due to a recovering economy that led to increased tax revenue.
“Today’s joint budget statement is further proof that the US economy is in the midst of a recovery,” said Treasury Secretary Janet Yellen, in a statement issued with the acting director of the Office of Administration and Budget, Shalanda Young.
Before the record deficit in fiscal 2020, the previous record was $ 1.4 billion in 2009, as the Obama administration spent a lot to try to pull the country out of the recession caused by the 2008 financial crisis.
Voice of america