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Monday, 18 January 2021 22:04

U.S. Deficit 60.7% Higher Than This Time Last Year

Written by Bethany Blankley, The Center Square

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The federal deficit in the first three months of the budget year is 60.7% higher than over the same time period as last year, a record-breaking $572.9 billion.

The deficit surged as a result of Congressional spending of $3.5 trillion in 2020 in response to the coronavirus, although critics note that spending on pork barrel programs that had nothing to do with the virus increased and also drove the deficit.

 

At the same time, revenue declined because of ongoing state lockdowns.

 

The Treasury Department reports that the deficit is $216.3 billion higher than the same October-December period in 2019.

 

A record in spending for the period represented an 18.3% increase of $1.38 trillion, while at the same time revenues fell 0.4% to $803.37 billion.

 

In the month of December alone, when Congress passed, and President Donald Trump signed several spending bills, the deficit reached a record $143.6 billion.

 

The shortfall for the 2020 budget year, which ended Sept. 30, reached an all-time high of $3.1 trillion.

 

Due to ongoing state lockdowns, millions of Americans are still out of work, and tax revenues also dropped, while at the same time, the demand by states for federal financial support dramatically increased.

 

The Treasury reports that outlays in December were a record $489.7 billion; receipts were $346.1 billion.

 

The December total excludes the $900 billion COVID-19 spending bill, which included...


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