Follow-up – aware
The US Treasury Department announced today, Sunday, that the US budget deficit during Joe Biden’s presidency amounted to $6.6 trillion, the largest deficit recorded by the country.
According to the ministry’s data, this indicator amounted to $2.8 trillion in 2021, representing 13% of GDP. In 2022, the negative budget balance decreased to $1.4 trillion (6.3% of GDP), and in 2023 it rose to $1.7 trillion (7.6% of GDP).
In the first six months of this year, this indicator amounted to $758.2 billion (5.5% of GDP on an annual basis).
The total budget deficit during the term of former President Donald Trump was $5.6 trillion, and during his presidency the highest negative budget balance was recorded at $3.1 trillion (15.5% of GDP) in 2020 when the world faced the Corona virus pandemic.
Former US President Barack Obama became the only president in 100 years who was able to reduce the US budget deficit to $2.2 trillion from $5.1 trillion left by George W. Bush, who was in turn the last president in whose term the US budget recorded an annual surplus of $130 billion in 2001.
The United States covers this huge budget deficit by increasing government debt, which in July 2024 exceeded $35 trillion.
Source: RT