FILE - In this Aug. 3, 2020, file photo dark clouds and heavy rain sweep over the U.S. Capitol in Washington. The U.S. government's budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month.
WASHINGTON — The U.S. government’s budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month. The deficit has been driven higher by trillions of dollars in support Congress has passed in successive economic rescue packages since the pandemic struck in early March 2020. The latest round came in a $1.9 trillion measure that President Joe Biden pushed through Congress last month.Biden’s package included individual support payments of up to $1,400 and the administration rushed to make those payments as soon Biden signed the measure into law.
I guess that just hoping a Global Pandemic will “Magically go away” ... or ignoring it and letting it run rampant to “save the economy”, turn out to be REALLY expensive approaches. Do you suppose we will learn from this?
A major reason for this deficit is the wealthy have always been stealing from the working class and not paying their share of taxes. Collect all the back taxes from them, then that deficit instantly becomes a surplus.
Ooh the big scary evil deficit symbology is back, hum?
Stop the alarmist BS. The money was well spent to help people & the nation recover. Trump's 2017 tax gift to the wealthy & corporations is the real problem, it is designed to keep most people in indentured servitude to corporations & preserve the power of the very wealthy.
Trump will be blamed for this EVEN though everywhere in the world its spreading just as quick as in the USA. I remember when Biden protested against Trump for cancelling flights from Europe as being premature. Now he is President. The US deficit will soar the highest EVER NOW!
We wouldn't have this problem if billionaires & corporations paid their fare share of taxes.
Tax the rich.
How about Let’s rise tax to paid deficits and debt
That's nothing... wait until everyone knows how Trump killed our country! MoscowMitch
Just print some money 💵💵💵💵💵💵
Remember the Clinton-Gore Administration left our country with a large government surplus, and NO DEBT. This is a result of the Reagan-Bush-Trump tax cuts for the rich and for corporations.
Definitely China’s fault 🤔
Who cares?
Oh well u think it's ever going to b zero? NO!!
Biden handouts will accelerate the crisis or is it ANOTHER? But seriously, it looks like there is no other way out but to unleash a new war. Right?
We need to pass more stimulus checks to the American people!!!
Where were these articles when The Former Guy was constantly jetting back & forth to his private golf course on the gov't dime for 4 years?
As soon as corporations and the very wealthy start paying their taxes this will go down. They use our infrastructure and social services, it's way past time for them to support it!
Blaming the deficit on pandemic checks and ignoring all the terrible tax policy of the last 4 years is why the press is deposed by both parties
The deficit has soared in recent years. The Republicans allow huge deficits to finance tax cuts, and the Democrats allow huge deficits to finance programs. But the red ink continues to increase.
Simple solution, raise taxes on the wealthy.
so what!? the Federal government creates its own money
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good
jeff beezos has about 100t so its fine lol
Nearly the amount of standing student debt, and under the amount of existing credit card debt. Seeing the problem is debt. We should do something about that maybe?
Now you know why the stock market is going nuts
And millions of people who were negatively impacted by Prior Guy's horrid COVID response were able to pay bills, buy groceries, remain in their homes FFS.
Keep up the good work. I want this entire nation to go down the drain with the nastiest hyperinflation ever!!! The roof, the roof, the roof is on fire. We don’t need no water let the mother...
It wouldn't have been this bad if Trump hadn't cut taxes for people/companies who own more than 2/3rds of the country's wealth.
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