Federal deficit totaled $2.77 trillion in fiscal year 2021, second highest after 2020

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(Worthy News) – The federal budget deficit for fiscal year 2021 topped $2.77 trillion, the Biden administration announced on Friday.

The figure is $360 billion, or 11%, lower than the last fiscal year, which ran from October 2019 through the end of September 2020, and it featured enormous amounts of government spending to counter the economic effects of the coronavirus pandemic.

While spending rose by $266 billion in 2021, tax revenue rose by about $626 billion, or about 18%. [ Source: Washington Examiner (Read More…) ]

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