Please ensure Javascript is enabled for purposes of website accessibility
US Budget Deficit up 25.1% in First 2 Months of Budget Year
gvw_ap_news
By Associated Press
Published 3 years ago on
December 11, 2020

Share

WASHINGTON — The U.S. government’s deficit in the first two months of the budget year ran 25.1% higher than the same period a year ago as spending to deal with the COVID pandemic soared while tax revenues fell.

The Treasury Department reported Thursday that with two months gone in the budget year, the deficit totaled $429.3 billion, up from $343.3 billion in last year’s October-November period.

The deficit — the shortfall between what the government collects in taxes and what it spends — reflected an 8.9% jump in outlays, to $886.6 billion, and a 2.9% decline in tax revenues, to $457.3 billion.

Spending for the first two months of the budget year, which begins Oct. 1, also set a record, while the deficit over the same period was also a record.

The government’s deficit for the budget year that ended Sept. 30 was a record-shattering $3.1 trillion, fueled by the trillion-dollar-plus spending measures Congress passed in the spring to combat the economic downturn triggered by the pandemic. The recession, which has seen millions of people lose their jobs, has meant a drop in tax revenues.

Congress is debating another relief package that could total nearly $1 trillion, which would add to this year’s red ink. Without taking into account further relief measures, the Congressional Budget Office has forecast that this year’s deficit will total $1.8 trillion and will remain above $1 trillion each year through 2030.

Before last year’s $3.1 trillion deficit, the record-holder was a $1.4 trillion shortfall in 2009, when the government was fighting to lift the country out of a deep recession caused by the 2008 financial crisis.

The federal government’s November deficit totaled $145.3 billion.

RELATED TOPICS:

DON'T MISS

Fuzzy Little Adeline Will Purr You to Sleep

DON'T MISS

Boeing’s Financial Woes Continue, While Families of Crash Victims Urge US to Prosecute

DON'T MISS

Police Tangle With Students in Texas and California as Wave of Campus Protest Against Gaza War Grows

DON'T MISS

Meet the Valley Republican Predicting a November Win Over Esmeralda Soria

DON'T MISS

Wired Wednesday: Construction Workers on 2018 Fresno Unified Project Still Not Paid

DON'T MISS

Slumping California Risks Losing World’s ‘5th Largest Economy’ Title

DON'T MISS

Ukraine Uses Long-Range Missiles Secretly Provided by US to Hit Russian-Held Areas, Officials Say

DON'T MISS

Upward Bound: Edison High’s Garcia Headed to Johns Hopkins

DON'T MISS

Boxing Star Ryan Garcia Wants to Meet Netanyahu, Pledges Aid for Gaza Children

DON'T MISS

Fong Won’t Debate Boudreaux, but We Get Hot Topic Answers Anyway

UP NEXT

Ancestry Website to Catalogue Names of Japanese Americans Incarcerated During World War II

UP NEXT

Google Fires More Workers Who Protested Its Deal With Israel

UP NEXT

What Do Supreme Court Justices Say About Homelessness?

UP NEXT

Oprah Winfrey and Dwayne Johnson Pledged $10M for Maui Wildfire Survivors. They Gave Much More.

UP NEXT

15 People Injured When Tram Collides With Guardrail at Universal Studios Theme Park

UP NEXT

The Pickle Flavor Frenzy and Its Rise in Food Trends

UP NEXT

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

UP NEXT

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

UP NEXT

Rare House Vote Sees Ukraine, Israel Aid Advance as Democrats Join Republicans

UP NEXT

Full Jury and 6 Alternates Seated in Trump’s Hush Money Trial

Meet the Valley Republican Predicting a November Win Over Esmeralda Soria

13 hours ago

Wired Wednesday: Construction Workers on 2018 Fresno Unified Project Still Not Paid

14 hours ago

Slumping California Risks Losing World’s ‘5th Largest Economy’ Title

14 hours ago

Ukraine Uses Long-Range Missiles Secretly Provided by US to Hit Russian-Held Areas, Officials Say

16 hours ago

Upward Bound: Edison High’s Garcia Headed to Johns Hopkins

Local Education /

17 hours ago

Boxing Star Ryan Garcia Wants to Meet Netanyahu, Pledges Aid for Gaza Children

17 hours ago

Fong Won’t Debate Boudreaux, but We Get Hot Topic Answers Anyway

18 hours ago

Legislation Pandering to Tribal Casinos Is a Bad Bet for Fresno Cardroom Employees

18 hours ago

About 1 in 4 US Adults Over 50 Say They Expect to Never Retire, an AARP Study Finds

19 hours ago

Biden Signs a $95 Billion War Aid Measure With Assistance for Ukraine, Israel and Taiwan

19 hours ago

Fuzzy Little Adeline Will Purr You to Sleep

Beautiful little mama Adeline once had a home, a warm bed and food, people to love her. But her humans failed to have Adeline spayed and whe...
Animals /

32 mins ago

Animals /
32 mins ago

Fuzzy Little Adeline Will Purr You to Sleep

13 hours ago

Boeing’s Financial Woes Continue, While Families of Crash Victims Urge US to Prosecute

13 hours ago

Police Tangle With Students in Texas and California as Wave of Campus Protest Against Gaza War Grows

CA District 27 Assembly candidate Joanna Garcia Rose
13 hours ago

Meet the Valley Republican Predicting a November Win Over Esmeralda Soria

14 hours ago

Wired Wednesday: Construction Workers on 2018 Fresno Unified Project Still Not Paid

14 hours ago

Slumping California Risks Losing World’s ‘5th Largest Economy’ Title

16 hours ago

Ukraine Uses Long-Range Missiles Secretly Provided by US to Hit Russian-Held Areas, Officials Say

Local Education /
17 hours ago

Upward Bound: Edison High’s Garcia Headed to Johns Hopkins

MENU

CONNECT WITH US

Search

Send this to a friend