Biden's package included individual support payments of up to USD 1,400 and the administration rushed to make those payments as soon Biden signed the measure into law. The Treasury statement showed that the payments in March totalled USD 339 billion.
The budget report showed that the deficit for just March totaled USD 659.6 billion, the third-highest monthly deficit. For the six month period, the USD 1.7 trillion deficit total surpassed the previous record of an USD 829 billion deficit run up for the six month's ending in March 2011, a period when the government was spending to deal with the adverse effects of the recession caused by the 2008 financial crisis.
Last year's deficit, for the budget year that ended Sept. 30 totaled a record USD 3.1 trillion.
The Congressional Budget Office estimated in February that this year's deficit would total USD 2.3 trillion. But that estimate did not include the cost of Biden's USD 1.9 trillion rescue plan that Congress passed in March or the impact of Biden's Build Back Better infrastructure proposal that Congress is considering now.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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