U.S. budget deficit tops 2 trln USD in first eight months of fiscal year

Xinhua
11 Jun 2021, 08:18 GMT+10

WASHINGTON, June 10 (Xinhua) -- The U.S. budget deficit soared to 2.1 trillion U.S. dollars during the first eight months of fiscal year 2021, which ends on Sept. 30, the U.S. Treasury Department reported on Thursday.

Federal revenue for the eight-month period ending in May rose to 2.6 trillion dollars, while total outlays rose to 4.7 trillion dollars, driven by payments for jobless benefits and COVID-19 relief programs, according to the department.

"While the final payment of individual taxes for calendar year 2020 were shifted into May 2021, greater outlays associated with the pandemic response still resulted in a deficit this year," the department said.

The White House last month unveiled a 6-trillion--dollar budget proposal for fiscal year 2022, drawing backlash from Republican lawmakers and budget watchers.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, has urged Washington to take stock of its unsustainable fiscal outlook and put an end to further government borrowing.

"We're borrowing even more this year than we did last year, and with nearly $2.1 trillion in deficits so far this year, our debt is rapidly approaching a new record. Once we are through the COVID-19 crisis, policymakers will need to work together to get our growing debt under control and secure our endangered trust funds," MacGuineas said in a statement.

"It's time to put an end to further government borrowing. Going forward, legislation should be fully paid for and reconciliation instructions should be budget neutral, if not deficit reducing," MacGuineas said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vietnam Tribune.

More Information

32 ℃

Fair in Hanoi/Noi Bai

Southeast Asia

Section

India Covid cases drop 31% in 1 week as surge seen ending

NEW DELHI, India: India has reported a continuing decline in Covid infections, including a staggering 31 percent drop in the ...

Refugees disproportionately exposed to COVID impact: Guterres

Everyone has a duty to help refugees rebuild their lives after a particularly difficult year for so many - that's ...

Exiled dissidents hold protest outside FATF headquarters

Paris [France], June 19 (ANI): Exiled dissidents belonging to Baloch, Pashtun, Uyghur, Tibetan and Hong Konger Communities protested outside the ...

Malaysia reports 5,911 new COVID-19 cases

Kuala Lumpur [Malaysia], June 19 (ANI/Xinhua): Malaysia reported another 5,911 new COVID-19 infections, the Health Ministry said on Saturday, bringing ...

Sachin Tendulkar takes home another award

Mumbai (Maharashtra) [India], June 19 (ANI): Star Sports commentators and fans on Saturday voted Sachin Tendulkar as the Men's Test ...

Sexual Minorities In Kazakhstan Hide Who They Are To Avoid Abuse

A 2018 survey in Kazakhstan indicated intolerance toward sexual minorities, with a majority saying they wouldn't want to 'live next ...

International

Section