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

📆 2021/10/23 3:23:00

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📆 2021/10/23 3:23:00
📰 AP

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BREAKING: The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion in 2020. The deficits reflect trillions of dollars in government spending because of the pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 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 $1.4 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.

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