The US government announced that the budget deficit for 2020 rose by 218 percent, to a record high of $ 3.1 trillion in the fiscal year ending on September 30, due to the massive spending to combat the consequences of the Covid-19 pandemic.

This figure exceeds twice the previous record for deficit, which reached 1.4 trillion dollars in 2009 during the global financial crisis.

With enhanced spending and declining tax revenues due to business closures after the outbreak of COVID-19, the US Treasury Department said that total government debt rose to $ 26.9 trillion, more than the size of the economy, which shrank in the second quarter of the year to less than $ 20 trillion. .

The fiscal deficit under President Donald Trump was rising even before the pandemic crisis, and it reached a trillion dollars for the first time since 2012, following the massive tax cut approved in late 2017.

Administration officials defended the numbers in the budget, praising Trump for his swift action to provide subsidies to alleviate the economic repercussions for American companies and families.

"Under President Trump's leadership, the economy has started an amazing recovery," US Treasury Secretary Stephen Mnuchin and White House Budget Director Russell Vogt said in a joint statement.

"The administration remains fully committed to supporting American workers, families and companies, and to ensuring our continued robust economic recovery," Mnuchin added.

Over a period of weeks, Trump's team held talks with Democratic Party leaders in the US Congress about a new package of funds to support businesses and families, to be added to the nearly $ 3 trillion released at the start of the outbreak.

Officials stress that it will be difficult to reach an agreement before the presidential elections scheduled for the third of November, or the distribution of funds, even if there is an agreement.

Federal government spending rose 47 percent in the fiscal year to $ 6,500 billion.

Source: Agencies

By:Nadeemy Haded

Who's Online

We have 252 guests and no members online

News Most Viewed

  • Ordering
  • Title
  • Most Popular

Fact or cyber ...

  The European Medicines Agency ...

Maduro reveals how ...

  Venezuelan President Nicolas ...

Estonia's prime ...

  Estonian Prime Minister Yuri ...

Corona Covid-19 second ...

Christian Megan-Peru agent 

WhatsApp "breaks a ...

  The British "Daily Mail" site ...

The European Union ...

 The European Union criticized ...

A Chinese city ...

  Chinese city authorities ...

An expert assesses ...

Academician Gennady Onishchenko, ...

Belarus begins the ...

Today, Tuesday, Belarus began the ...

Biologist: ...

 Professor Ancha Paranova of the ...

Britain: We had to ...

 British Health Minister Matt ...

China suspends air ...

Today, Sunday, the Chinese ...

City uprising lead ...

Manchester City came from behind ...

Time to think

  Writer : Michael Blair Time is ...

Mikhail Lomonosov; The ...

By|Abeer Almadawy    Mikhail ...

The year 2020 continues ...

Local media reported today, ...

The most inspiring Arab ...

Writer: Riad Turk Iraq

Tips for a good sleep ...

James Wilson of The Sleep Geek ...

The Last Circle

The African Paradise
Written by|Abeer ...
Makers of Wars & The mix
Written By|Abeer ...
Trump wins and William
Lines in the reading of ...
Mosul in between the joy
Written by| Abeer ...
Geisha and the
Written by /Abeer ...
Castle Journal declares
The Last Circle ...
The Masters,The Owners
By /Abeer Almadawy ...

Video Castle Journal

الدائرة الأخيرة  

الدائرة الأخيرة مع الدكتور عاصم الليثى

 الدائرة الأخيرة مع اللواء نبيل أبو النجا

 كلمة د/عبير المعداوى فى عيد الشرطة

Locations

  • #104. Street 6, Fifth District, 6 October, Giza
  • This email address is being protected from spambots. You need JavaScript enabled to view it.
  • 01004734646

Castle Journal Group