2024-05-06 03:59:14
US Treasury Secretary Janet Yellen expressed concern about the future of the American economy if the country’s budget deficit cannot be reduced, Day.Az reports citing TASS.
“I wouldn’t say I’m concerned about the current situation, but I am concerned about where we’re headed if we don’t take steps to reduce the deficit,” she said at a House Revenue and Expenditures Committee hearing.
Yellen noted that US President Joe Biden’s proposed budget for the 2025 fiscal year (starting in the US on October 1, 2024) includes $3 trillion to take measures to reduce the budget deficit over the next 10 years.
Earlier, the White House published a draft budget for the 2025 fiscal year, which provides for total expenditures of $7.266 trillion and revenues of $5.485 trillion. As specified in the document, the budget deficit should be $1.781 trillion. In fiscal year 2024, US budget expenditures should be $6.941 trillion, revenues should be $5.082 trillion, and the budget deficit should be $1.859 trillion.
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