Home » Economy » US federal budget deficit hits $2.8T, second-largest figure ever
US federal budget deficit hits $2.8T, second-largest figure ever
CBO says infrastructure bill would add $256B to deficit over 10 years
Tennessee Senator Bill Hagerty discusses the infrastructure bill on ‘Kudlow.’
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.
The annual deficit was $360 billion lower than last year, in what the Biden administration said reflected an "improved economy due in part to the American Rescue Plan Act of 2021 (ARP) and COVID-19 vaccination rollout." The budget year ended on Sept. 30.
"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.
AOC: REPUBLICANS ARE ‘UPSET ABOUT A CHANGING COUNTRY’