The graph below shows the accumulated deficit of the US budget by years (in billion dollars)
The U.S. budget deficit in 2020 reached a record $3.1 trillion, and the situation continues to deteriorate
The U.S. budget deficit in fiscal 2020, which ended in September, was a record $3.1 trillion, which was more than three times higher than the same indicator in 2019 at $ 954 billion. Budget expenditures of $6.552 trillion almost doubled its revenues of $3.420 trillion.
Yesterday the US Ministry of Finance published the data for October, which showed further deterioration of the situation. In the first month of fiscal 2021, the country’s federal budget deficit reached a record $284 billion for October, which was $10 billion more than predicted and more than two times higher than in October 2019 at $134.5 billion.
Budget expenditures this October amounted to $521.8 billion (+$24 billion by September), which was 37% higher than last October. At the same time, budget revenues decreased from September $373.2 bln to $237.7 bln.
The October budget deficit of the USA turned out to be not only bigger than the budget deficit of the country for any year of the last decade, but also created prerequisites for rather fast growth of the US state debt to the round figure of $30 trillion (now it slightly exceeds $27 trillion). If the financial situation in the country does not improve, a simple extrapolation indicates that it may happen within the next 12 months.