Support Intelligent, In-Depth, Trustworthy Journalism.
By Martin Crutsinger, Associated Press
The whopping deficit projections are being driven by Biden's costly plans for infrastructure and social spending, along with major new investments in domestic Cabinet agencies.
By Andrew Taylor, Associated Press
The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic cut revenues and sent spending soaring.
The massive figures were expected but still stunning, more than double the previous deficit record of $1.4 trillion that was registered during former President Barack Obama's first year in office.
The sea of red ink is being created by a drop in revenue and a massive increase in spending to fund efforts to deal with the coronavirus pandemic.
WASHINGTON — The federal government recorded a $74.9 billion deficit in June, a month when the government often runs a surplus, as corporate taxes dropped sharply compared to a year ago.
With one week to go, Congress must act fast and come up with a way to raise the federal borrowing limit or face an unprecedented government default.
By Lea Winerman
The Senate Finance Committee's health care reform plan would cost $829 billion over 10 years, but would meet President Barack Obama's goal of reducing the federal budget deficit by 2019, according to a cost estimate released Wednesday.
President Barack Obama cast a new focus on the budget deficit Monday, announcing a goal of halving the $1.3 trillion gap by the end of his first term. Analysts weigh the goal.
President Barack Obama's $819 billion stimulus proposal now heads to the Senate with little GOP support. Economists examine whether the proposed measure can succeed at its goals.
Support Provided By:
Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else.
Thank you. Please check your inbox to confirm.