Federal deficit to pass $3 trillion for second year, economic growth higher than expected

Tuesday, December 13, 2022 | Tag Cloud Tags: , , , , , , , , , , ,

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(Worthy News) – After a year of immense spending during the COVID-19 pandemic and ensuing economic downturn, the federal deficit is projected to hit $3 trillion for the second year in a row, according to the Congressional Budget Office.

While the 2021 deficit — registering at just over $3 trillion — is $126 billion smaller than the 2020 deficit, it is still nearly triple the $1.2 trillion deficit the government ran in 2019. With slight fluctuations by year, the CBO now predicts the US will continue to run about $1 trillion deficit per year over the next decade. [ Source: Yahoo News (Read More…) ]

US Deficit Hits Nearly $250 Billion, Smashing November Record

The U.S. federal budget deficit set a record for the month of November, jumping $57 billion from the same month last year to $249 billion, according to The Wall Street Journal Monday.

The cumulative federal deficit rose to $336 billion for the fiscal year 2023, which began in October 2022, slightly less than for the same period of time last year, the Treasury Department reported Monday. The annual federal deficit fell to just under $1.4 trillion last year — down from $3.1 trillion in fiscal year 2020 and $2.8 trillion in fiscal year 2021, according to the Government Accountability Office — in part due to reduced COVID-19 relief spending and economic recovery following a harsh slowdown during the pandemic, according to the WSJ. [ Source: Daily Caller (Read More…) ]

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