The US budget deficit is more than 20 percent higher than it was a year ago

The US Treasury said the US budget deficit reached $262.434 billion in February, up 21.2 percent from $216.59 billion a year earlier.

Budget revenues decreased by 9.6 percent, to $262.114 billion, while expenditures increased by 3.6 percent, to $524.548 billion.

In the five months of the current fiscal year, which began on October 1, the US budget generated a deficit of $722.637 billion, up 52 percent from the previous year.

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The budget was last closed with a surplus more than 20 years ago

  • Budget revenues decreased by 4 percent to $1,735 billion, and its expenditures increased by 7.7 percent, to $2,458 billion.
  • The budget deficit for the 2022 fiscal year, which ended at the end of September last year, was $1,375 billion, which is half the $2,600 billion deficit a year earlier.
  • In fiscal 2020, a record deficit of $3.1 trillion was created.

The last time the US budget closed in surplus was in fiscal 2001.

US President Joe Biden recently presented his budget plan, which would address the deficit in public finances.

The US President’s budget proposal as a long-term goal includes reducing the fiscal deficit by $3,000 billion in 10 years, and will also increase the tax burden for those earning more than $400,000 (about 145 million HUF). ) in the year.

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