US budget deficit hits highest level in history

Followed by-INA  
The US Treasury Department announced on Sunday that the US budget deficit during Joe Biden's presidency reached $6.6 trillion, the largest deficit recorded by the country.
 
According to the ministry's data, this indicator reached $2.8 trillion in 2021, representing 13% of GDP, and 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 reached $758.2 billion (5.5% of GDP on an annual basis).
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.
Former US President Barack Obama became the only president in 100 years to reduce the US budget deficit to $2.2 trillion from $5.1 trillion left by George W. Bush, who was the last president to record 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.