On January 13th local time, the U.S. Treasury Department announced that from October to December last year, the U.S. government’s fiscal deficit was $572.9 billion, the highest level in the same period of the year, an increase of 61% year-on-year.
The deficit in December was $143.6 billion, which was also the highest in the same period in history, with $13.3 billion in the same period last year.
According to the introduction, the revenue of the U.S. federal government rose 3% to $346 billion in December last year from the same period last year. Among them, the personal withholding income tax was the same as last year, instead of withholding income tax and corporate tax growth, which increased the overall revenue of the government.
But compared with large-scale relief spending, the slight increase in income is negligible. In December last year, federal government spending rose 40 percent to $490 billion from the same period last year.
Meanwhile, the fiscal deficit is expected to climb further, given the $900 billion stimulus package passed by Congress last month and the Biden administration plans to introduce another trillions of dollars in relief.
