The federal deficit in October and November, the first two months of the 2021 fiscal year, came to $430 billion, an increase of $87 billion, or 25 percent, over the same period last year, according to the nonpartisan Congressional Budget Office.
Deficits have soared since President Trump took office, reaching nearly $1 trillion in 2019. Extraordinary fiscal efforts to prevent an economic collapse due to the COVID-19 pandemic brought the 2020 deficit to a record-shattering $3.13 trillion.
For comparison, the full-year deficit in 2016 amounted to $585 billion.
The first two months of the current fiscal year saw government revenue drop by 3 percent, largely because individual income and payroll taxes suffered as people lost jobs.
Read more at The Hill.
{Matzav.com}
