Connect with us

Hi, what are you looking for?

Top News

The US budget situation has improved, but it is not out of the woods yet

The US budget situation has improved, but it is not out of the woods yet

Analysts expect the deficit to decrease in October to $65 billion. Budget revenues increased by 26.7 percent, to $403.43 billion, compared to $318.5 billion in October of last year.

Expenditures rose by 15.7 percent, from $406.37 billion the previous year, to $469.99 billion, while interest paid on the national debt nearly doubled, jumping to $88.9 billion from $47.6 billion last October.

The previous fiscal year, which ended at the end of last September, ended the US budget with a deficit of $1.7 trillion, which represents an increase of 23 percent compared to the previous year. Last year, the deficit reached 6.3 percent of GDP.

In fiscal year 2020, a record deficit of $3.1 trillion was recorded. The last time the US budget closed with a surplus was in the fiscal year 2001. According to analysts, the deficit this year may exceed its counterpart in 2020, with a deficit ranging between 6 and 7% of GDP.

In reference to this, major credit rating agencies issue their warnings one after another, and the increase in bond yields is also partly a result of the deteriorating financial situation. The ratio of national debt to GDP exceeds 100%.

See also  Australia is now threatening to fine Twitter for refusing to censor
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...

World

Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Tech

A dangerous application appeared in the Apple App Store disguised as a known program. 24.hu reported the Based on TechCrunch article. Dangerous app in...

Copyright © 2024 Campus Lately.