US Hits Second Highest Yearly Deficit Ever At $2.77 Trillion

REUTERS/Alastair Grant/Pool


The US budget deficit totaled $2.77 trillion for fiscal year 2021, falling just short of the previous year’s record-breaking numbers, but still in line with the massive spending during the Covid-19 pandemic.

The fiscal year’s $2.77 trillion deficit may be the second largest on record, but the Treasury Department claimed the decline from year to year as a sign of the economy recovering.

“Under President Biden’s leadership, the U.S. economy is getting back on track and Americans are getting back to work,”the joint report from the Treasury Department and Office of Management and Budget said.

For the fiscal year of 2020, which runs from October through September 30, the US posted an eye-watering deficit of $3.13 trillion, approximately $360 billion higher than 2021.

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