CNBC's Ylan Mui reports on the March debt and deficit numbers from the U.S. Treasury. For access to live and exclusive video from CNBC subscribe to CNBC PRO: [ Ссылка ]
The U.S. government’s budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month.
In its monthly budget report, the Treasury Department said Monday that the deficit for the first half of the budget year — from October through March — was up from a shortfall of $743.5 billion for the same period a year ago.
The deficit has been driven higher by trillions of dollars in support Congress has passed in successive economic rescue packages since the pandemic struck in early March 2020. The latest round came in a $1.9 trillion measure that President Joe Biden pushed through Congress last month.
Biden’s package included individual support payments of up to $1,400, and the administration rushed to make those payments as soon as Biden signed the measure into law. The Treasury statement showed that the payments in March totaled $339 billion.
The budget report showed that the deficit for just March totaled $659.6 billion, the third-highest monthly deficit. For the six-month period, the $1.7 trillion deficit total surpassed the previous record of an $829 billion deficit run up for the six months 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 $3.1 trillion. The Congressional Budget Office estimated in February that this year’s deficit would total $2.3 trillion. But that estimate did not include the cost of the $1.9 trillion rescue plan or the impact of Biden’s “Build Back Better” infrastructure proposal that Congress is considering now.
» Subscribe to CNBC TV: [ Ссылка ]
» Subscribe to CNBC: [ Ссылка ]
» Subscribe to CNBC Classic: [ Ссылка ]
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: [ Ссылка ]
Connect with CNBC News Online
Get the latest news: [ Ссылка ]
Follow CNBC on LinkedIn: [ Ссылка ]
Follow CNBC News on Facebook: [ Ссылка ]
Follow CNBC News on Twitter: [ Ссылка ]
Follow CNBC News on Instagram: [ Ссылка ]
[ Ссылка ]
#CNBC
#CNBCTV
