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Frequently Asked Questions
Through the first six months of FY2022, the federal government ran a deficit of $667 billion, 61% less than at the same point in FY2021 ($1.7 trillion) and in the ballpark of the FY2019 and FY2020 deficits, which stood at $691 billion and $743 billion, respectively.What is deficit vs debt?
Deficit vs Debt One of the biggest differences between deficit and debt is that deficits are short-term, whereas debt is long-term. They both occur when a company or government spends more money than it earns, but deficits are typically resolved within a year or two, while debt can take many years to pay off.What is the current US federal budget deficit?
The U.S. federal budget deficit was projected to reach $2.3 trillion in 2021. in actuality, it reached $2.8 trillion for the fiscal year 2021. It was the second-highest deficit since 1945; the 2020 deficit of $3.1 trillion as a result of the COVID-19 pandemic takes the top spot.How much is the US deficit?
WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in...