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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%.

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