USA: Deficit fell to around 2.8 trillion US dollars

Released on 22.10. 2021

  • Treasury Secretary Janet Yellen speaks during a House Financial Services Committee hearing on Capitol Hill. Photo: Al Drago

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The US government has succeeded in further reducing the deficit in this year’s budget. But there is still no talk of stability, said Finance Minister Yellen.

Washington (dpa) – The budget deficit of the US government in the fiscal year 2021 is slightly by 360 billion US dollars on 2, 77 Trillion dollars down.

The October shortfall 2020 up to and including September 2021 corresponded to 12, 4 percent of the US economic output, as the Treasury Department announced on Friday. In the budget year 2020 the deficit was still around 3 13 trillion dollars or 15 Percentage of economic output.

Given the good economic development in the USA this year, the budget deficit fell almost 900 billions less than assumed in May, as the ministry said.

US -Economy is “still vulnerable”

The numbers show that President Joe Biden’s economic policy is successful, said Treasury Secretary Janet Yellen. However, she warned that further support was needed for a full recovery from the Corona crisis. The congress must decide on the investment packages proposed by Biden for the modernization of the infrastructure and an expansion of social benefits. “Although the country’s economic recovery is stronger than that of other rich countries, it remains fragile,” she warned.

Biden’s most recent budget for the fiscal year 2022, which started in October, assumes a deficit of 1, 66 trillion dollars or 6.8 percent of economic output.

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