US budget deficit hits record $1.9 trillion so far this year

May 18, 2021 by No Comments

YahooFinance/Martin Crutsinger-AP/5-12-2021

“The shortfall so far this year is 30.3% higher than the $1.48 trillion deficit run up over the same period a year ago, the Treasury Department said Wednesday in its monthly budget report.”

USAGOLD note: The Biden Administration would have us believe that this is not a problem. In 2020 (calendar year), the government spent a little over $6 trillion with revenue of just over $2 trillion. The difference was borrowed.

overlay chart showing expenditures and revenue for the U.S. government through Q4 2020

Sources: St. Louis Federal Reserve [FRED], U.S. Bureau of Economic Analysis

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Original source: https://www.usagold.com/cpmforum/2021/05/us-budget-deficit-hits-record-1-9-trillion-so-far-this-year/