US Budget Deficit Reaches Record Level Under Biden

During Joe Biden's presidency, the volume of the US budget deficit has reached the highest level recorded to date, amounting to $6.6 trillion. This has been reported by RIA Novosti, which analyzed data from the US Department of the Treasury.

It is noted that under Biden, government spending has exceeded revenue by more than $6.6 trillion over the past three and a half years, marking the maximum in the history of this statistic. Thus, in 2021, this figure was $2.8 trillion, which accounted for 13% of GDP.

The following year, the negative balance decreased to $1.4 trillion or 6.3% of GDP, but subsequently increased to $1.7 trillion or 7.6% of GDP. In the current year, the deficit in the first six months has amounted to $758.2 billion, with its share of GDP standing at 5.5% for the current year.

Biden's predecessor, Donald Trump, accumulated a total deficit of $5.6 trillion. During his presidency, the maximum annual budget deficit in the coronavirus year of 2020 reached $3.1 trillion or 15.5% of GDP.

Barack Obama became the only US leader in this century to successfully reduce the budget deficit as a result of his presidency, cutting it from George W. Bush's $5.1 trillion to $2.2 trillion.

It should be noted that the United States has been in a chronic state of excess spending over revenues for nearly a century.