Incoming Biden administration hopes to quickly pass $1.9 trillion relief bill
The incoming Biden administration will work toward the speedy passage of its $1.9 trillion coronavirus relief plan, Voice of America reports.
deficit
Federal deficit up more than 60% in first fiscal quarter
The federal deficit is up more than 60% for the first quarter of fiscal year 2021 compared to the same period last year, rising to a record-breaking $572.9 billion amid increased spending and declines in revenues.
Israel announces highest budget deficit in its history
Israel’s Accountant General announced Monday that the country’s budget deficit for 2020 was $50.4 billion, the highest it has ever been and three times higher than it was in 2019, Ynet News reports. The record figure was largely anticipated in light of the economic devastation wrought during the COVID-19 pandemic.
US Government deficit increased by 25.1% in first 2 months of budget year
The US government deficit in the first two months of the budget year increased by 25.1% more than it was at the same time last year, PBS reports. The rise reflects increased government spending to manage the COVID-19 pandemic against a related backdrop of decreased income from taxes. The budget year begins on October 1.
October federal deficit is a record high
The federal budget deficit last month was $284 billion, the highest for any October, the Treasury Department reported Thursday.
Federal deficit spiked to $3.1 trillion in 2020, largest since WWII
The federal deficit for fiscal year 2020 was $3.1 trillion, or 14.9% of gross domestic product, the Congressional Budget Office reported Monday, the largest as a share of the economy since World War II.
Federal deficit soared to $3.1 trillion for fiscal 2020 thanks to pandemic relief spending
The federal government’s deficit for fiscal 2020 was $3.1 trillion, the highest deficit on record, the Treasury reported Friday.
Federal deficit tripled to $3.1 trillion in fiscal year 2020, largest as share of the economy since World War II
The federal deficit for fiscal year 2020 was $3.1 trillion, triple last year’s figure, the Congressional Budget Office estimated Thursday.
Trump plan could cut taxes by $1.7 trillion, Biden’s could offer $4.3 trillion increase, report
The nonpartisan Committee for a Responsible Federal Budget released a report Wednesday estimating that Democratic presidential candidate Joe Biden’s proposed policy measures would raise taxes by about $4.3 trillion over the next decade.
US trade deficit hits 14-year high, rises to $67.1 billion in August
The US trade deficit rose in August to the highest level in 14 years.
Federal debt held by the public to exceed GDP by next year: CBO
The coronavirus pandemic and federal efforts to provide relief will significantly add to the federal debt in the years ahead, the Congressional Budget Office projected Monday.
Deficit swelled to record of over $3 trillion 11 months into fiscal year
The federal budget deficit swelled to a record of more than $3 trillion with one month left in the current fiscal year, the Treasury Department announced Friday.
U.S. trade deficit surged in July to highest in 12 years
The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount.
CBO warns Social Security, Medicare and Highway Trust Funds will be ‘exhausted’ within 10 years
The balances in three federal trust funds – Social Security, Medicare and the Highway Trust Fund – will be “exhausted within the next 10 years” without congressional action, the Congressional Budget Office warned Wednesday.
CBO: Deficit will hit $3.3 trillion this year, debt will exceed size of economy by 2021
The deficit is projected to hit a record $3.3 trillion this year, and the national debt will exceed the size of the U.S. economy by 2021, according to a Congressional Budget Office report published Wednesday.
$5,630,859,000,000: Federal Spending Has Already Set Annual Record; Deficit at Record $2,807,295,000,000
The federal government set records for the amount of money it spent and the size of the deficit it ran up in the first ten months of fiscal 2020 (October through July), according to data released today in the Monthly Treasury Statement.
Federal deficit swells to nearly $3 trillion in first 10 months of fiscal year 2020
The federal deficit so far this fiscal year is at $2.8 trillion, roughly $2 trillion higher than the deficit for the same period last year, according to the Congressional Budget Office.
U.S. trade deficit shrinks in June
The U.S. trade deficit narrowed in June as exports rebounded following several months of decreases, suggesting an improvement in global demand after being depressed by the COVID-19 pandemic.
US Budget Deficit Hits All-Time High of $864 Billion in June
The U.S. government, faced with a surge in COVID-19 cases and their economic impact, said it incurred its biggest monthly deficit ever in June, an $864 billion figure that is more than the country usually has recorded annually throughout its history.
Federal Budget Deficit Nears $2 Trillion For Fiscal Year
Uncle Sam has added $1.2 trillion to the budget deficit over the last two months, according to the latest numbers Monday that detail how the government has used cash to try to combat the coronavirus pandemic and its economic catastrophe.