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US budget deficit hits $2.77 trillion in 2021, 2nd highest

The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

October 23, 2021 / 09:39 AM IST
Investors also look to how mainland Chinese markets will react when they will reopen on September 22 after a four-day weekend. (Representative image)

Investors also look to how mainland Chinese markets will react when they will reopen on September 22 after a four-day weekend. (Representative image)

The U.S. budget deficit totaled USD2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of USD3.13 trillion reached in 2020.

The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was USD360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

Before the pandemic deficits of the past two years, the biggest deficit the federal government recorded was a shortfall of USD1.4 trillion in 2009 during the Obama administration as the government spent heavily to lift the country out of a severe recession following the 2008 financial crisis.
PTI
first published: Oct 23, 2021 09:38 am

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