US budget deficit hits USD 2.77 trillion in 2021 2nd highest

     Washington, Oct 22 (AP) The U.S. budget deficit totaled USD2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of USD3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.
     The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was USD360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.
     Before the pandemic deficits of the past two years, the biggest deficit the federal government recorded was a shortfall of USD1.4 trillion in 2009 during the Obama administration as the government spent heavily to lift the country out of a severe recession following the 2008 financial crisis. (AP) IND

(This story has not been edited by THE WEEK and is auto-generated from PTI)