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According to the Treasury, the deficit exceeds $ 2 trillion in the first eight months of the fiscal year.

The United States recorded a record deficit of approximately $ 2.1 trillion in the first eight months of the fiscal year, according to monthly data released by the Treasury on Thursday. In addition, spending in fiscal year 2021 exceeded $ 4.6 trillion, an increase of 20% over the previous year.

The country also brought record amounts of cash during this period: more than $ 2.6 trillion in previous fiscal years, up 29% from 2020. Last month alone, the U.S. brought in $ 464 billion, according to data, $ 290, $ 1 billion more than May 2020, up 4% from May 2020, spending a record $ 596 billion. ..

Treasury officials pointed out that the significant increase in receipts could be primarily due to delayed tax payments for individuals and corporations that were postponed last year during the height of the coronavirus pandemic.

Ministry of Agriculture, Ministry of Finance, and Small and Medium Business AdministrationWas related to the management of Pandemic-related remediesRelease of state and local aid as part of. American Relief Plan Last month played a major role in increasing Treasury spending in May, according to Treasury officials.

In the first eight months of the fiscal year, there were also unemployment benefits, stimulus payments, and spending on paycheck protection programs, which also contributed to the deficit in the first eight months of the fiscal year.

New data comes as the country seeks to shake off the economic impact of the coronavirus pandemic. Increased consumer prices by 5% Thanks to rising prices and energy for used cars and trucks, according to new data from the Ministry of Labor last year. Private consumption increased by 0.6% in May as the country reopened.

According to the Treasury, the deficit exceeds $ 2 trillion in the first eight months of the fiscal year.

Source link According to the Treasury, the deficit exceeds $ 2 trillion in the first eight months of the fiscal year.

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