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US budget deficit hits record high
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IANS | 17 Oct, 2020
The US federal budget deficit has increased to a record $3.1 trillion in
the 2020 fiscal year, as the Covid-19 pandemic has prompted massive
fiscal stimulus and caused tax revenue to fall, official data has
revealed.
Budget deficit for the fiscal year, which ended
September 30, was $2.1 trillion higher than that of the prior year,
according to the final budget results for fiscal year 2020 jointly
released by Treasury Department and White House Office of Management and
Budget on Friday.
The spike in the deficit reflects the effect
of Covid-19 on the economy and legislation to protect public health and
support hard-hit industries, businesses, and individuals, including the
$2.2-trillion Coronavirus Aid, Relief, and Economic Security Act, or the
CARES Act, approved by Congress in March, Xinhua news agency reported.
Maya
MacGuineas, president of the Committee for a Responsible Federal
Budget, a non-partisan watchdog group, noted that the US federal
government ended the fiscal year with $21 trillion of debt, "which means
debt is now larger than a year's worth of economic output".
"Borrowing
to combat the pandemic and economic crisis makes sense. But that's no
excuse for the massive tax cuts and spending increases enacted before
the pandemic, nor the failure to control the rising costs of our health
and retirement programs once normalcy returns," MacGuineas said in a
statement.
Under the agendas of both presidential candidates,
debt would reach at least 125 per cent of gross domestic product by
2030, the committee noted.
"It's disappointing to see both
candidates for president proposing trillions of dollars in additional
debt instead of plans to save Social Security and Medicare," MacGuineas
said.
"The deeper we dig this hole, the harder it will be to claw our way out."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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