The US budget deficit grew by 287%, almost four times, and amounted to $ 257 billion in October. This was reported by Reuters on 13 November with reference to the U.S. Finance Ministry.
In 2023, the budget deficit in the country was $ 67 billion. At the same time, calendar adjustments of benefit payments reduced it then almost twice. In addition, in October 2023, the country’s budget received $ 75 billion in taxes deferred due to wildfires in California and other natural disasters.
The administration of current White House chief of staff Joe Biden said that for fiscal year 2024, the budget deficit was $ 1.83 trillion, the largest since 2019.
Under Trump’s leadership, fiscal year 2020 saw the largest budget deficit in U.S. history at $3.1 trillion, the result of massive spending to fight the coronavirus combined with a massive shutdown of economic activity that caused federal budget revenues to plummet.