U.S. budget deficit dips to $2.8 tril. after record high in FY 2020

Politics Economy

The U.S. budget deficit inched down to $2.77 trillion in fiscal 2021 after reaching a record high the previous year, as the economy showed signs of recovery from the coronavirus pandemic-induced downturn on the back of a major fiscal stimulus package and vaccine rollouts, the Treasury Department said Friday. The deficit during the year that ended Sept. 30 shrank for the first time in six years, also due partly to higher-than-expected revenues. In fiscal 2020, the U.S. budget deficit had more than tripled from the year before to $3.13 trillion due to the health crisis. While welcoming the U.S. ...

Kyodo News

Kyodo News