/ world today news/ In the 2020 fiscal year, which ended on September 30, the US tripled its budget deficit. The indicator has reached an all-time record of 3 trillion 100 billion dollars. As a percentage of GDP, the deficit is 15.2%, the highest since World War II.
It is clear that the US budget deficit has been growing in the last fiscal year due to high spending amid the coronavirus crisis. US budget expenditures exceeded revenues in August by $200 billion, three times the country’s budget deficit since July – $63 billion.
According to the Congressional Budget Office, in August government spending in the US decreased by 1% on an annual basis and amounted to 423,316 billion dollars. Revenues fell 2% to $223.221 billion. The U.S. national debt, according to the same department, reached 102% of GDP at the end of the 2020 fiscal year, exceeding GDP for the first time in more than 70 years.
At the beginning of Trump’s election campaign, the size of the national debt of the United States was 19 trillion dollars – during the two terms of Barack Obama, it doubled. At the beginning of 2016, the US debt was expected to grow to $30 trillion over the next decade, but in fact this process is ahead of schedule.
Translation: V. Sergeev
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