The U.S. budget deficit has grown to $2.71 trillion

The deficit is expected to reach $3 trillion by the end of the fiscal year.

The U.S. budget deficit rose to $ 2.71 trillion by August and promises to reach the second-largest figure in history due to the vast sums allocated in connection with the coronavirus pandemic.

This is stated in the monthly report of the Ministry of Finance.

The Congressional Budget Office predicts that for the entire budget year, which ends on September 30, the deficit will be $ 3 trillion.

This is slightly lower than the record deficit of $ 3.13 trillion, which was recorded last year.

Last year’s figure more than doubled the previous record of $ 1.4 trillion set in 2009 under the Obama administration, when the government spent heavily on fighting a deep recession after the 2008 financial crisis.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
Function: Chief-Editor
Ivan Maltsev

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