UNITED STATES (OBSERVATORY NEWS) — The gaping hole in the US budget deficit is increasing every month.
The country’s Ministry of Finance published data for January, according to which the authorities spent $ 32.6 billion more than they earned.
Thus, the budget deficit was almost three times greater than expectations.
The total budget deficit at the start of the fiscal year — in the States it begins in October — reached $ 389 billion, a quarter more than last year.
Moreover, after a third of the year, the deficit has become maximum since 2011, when the States were still spending enormous amounts of money to combat the effects of the financial crisis.
Then, according to the results of the year, expenditures exceeded revenues by $ 1.3 trillion, but now no expert expects that by the end of the year the figure will be equally sky-high.
Nevertheless, many analysts are already saying that the government’s spending is so great that it seems as if the US is fighting the crisis or trying to prevent financial turmoil.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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