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US budget deficit exceeds US $ 2 trillion in the first eight months of the fiscal year

Washington, June 10 (Xinhua)-The US Treasury reported on Thursday that the US budget deficit surged to US $ 2.1 trillion during the first eight months of the 2021 fiscal year ending September 30.

According to the ministry, federal revenues for the eight months to May increased to $ 2.6 trillion, and total spending increased to $ 4.7 trillion due to unemployed benefits and the payment of the COVID-19 relief program.

“The final payment of personal taxes in 2020 was shifted to May 2021, but the larger spending associated with the pandemic response also resulted in a deficit this year,” the agency said.

Last month, the White House announced a $ 6 trillion budget for fiscal year 2022, in response to backlash from Republican lawmakers and budget watchers.

Maya MacGuineas, chairman of the responsible federal budget committee, urged Washington to consider its unsustainable fiscal outlook and stop further government borrowing.

“We are in debt even more this year than last year, with a deficit of about $ 2.1 trillion so far this year, and debt is rapidly approaching a new record. Once we have overcome the COVID-19 crisis, we will make policies. Those need to do the following: they will work together to manage their growing debt and secure endangered trust funds. “

“It’s time to put an end to further government borrowing,” McGuinius said. “From now on, the bill will be paid in full and the settlement instructions must be budget-neutral, if not deficit-reducing.”

US budget deficit exceeds US $ 2 trillion in the first eight months of the fiscal year

Source link US budget deficit exceeds US $ 2 trillion in the first eight months of the fiscal year

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