The US Treasury Department stated that the US budget deficit during Joe Biden’s presidency amounted to $6.6 trillion, the largest deficit the country has ever recorded.
According to the ministry, “this indicator reached $2.8 trillion in 2021, representing 13% of the gross domestic product.”
According to the data, “In 2022, the negative budget balance decreased to $1.4 trillion (6.3% of GDP), and in 2023 it increased to $1.7 trillion (7.6% of GDP), and in the first six months of this year this indicator reached $758.2 billion (5.5% of GDP on an annual basis).”
The US Treasury Department data stated that “the total budget deficit during the term of former President Donald Trump reached $5.6 trillion, and during his presidency the maximum negative budget balance was recorded at $3.1 trillion (15.5% of GDP) in 2020 when the world faced the Corona virus pandemic.”
According to the data, “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 during 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: Novosti
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2024-08-19 18:35:55