According to data released by the U.S. Treasury Department on the 22nd, the fiscal deficit of the U.S. federal government in fiscal year 202 1 (from June 2020 10 to September 30, 20021) reached 2.77 trillion dollars, lower than the record of 3. 13 trillion dollars in the previous fiscal year.
The data shows that the fiscal revenue of the United States in fiscal year 20021was about 4.05 trillion US dollars, which was higher than 3.42 trillion US dollars in the previous fiscal year. The fiscal expenditure is about 6.82 trillion US dollars, which is also higher than 6.55 trillion US dollars in the last fiscal year. In 20021fiscal year, the proportion of the federal fiscal deficit to the US GDP decreased from 15% in the previous fiscal year to 12.4%.
According to the data of the US Treasury Department, the federal fiscal deficit in fiscal year 20021decreased by 360 billion US dollars compared with the previous fiscal year, reflecting the improvement of the US economic recovery. The deficit is partly due to the economic aid plan approved by Congress and the progress of vaccination in COVID-19.
However, the Biden administration's economic agenda has not progressed smoothly in the past few weeks due to huge differences within the Democratic Party on key issues such as tackling climate change, increasing taxes on enterprises and the rich, and the scale of economic planning funds.
The Federal Budget Accountability Committee, an independent research organization in the United States, pointed out that the high fiscal deficit in fiscal year 20021is not surprising, in order to cope with the COVID-19 epidemic and promote economic recovery, but it will lead to the long-term debt of the United States, and members of Congress must focus on making long-term plans to reduce the fiscal deficit.