The Biden administration is on a roll breaking record after record. First, the largest number of migrants attempting to illegally enter the U.S. on the Southern border in over 15 years, and now the largest monthly deficit. “The U.S. government’s budget deficit ballooned to $660 billion in March, marking a 454% increase compared to last year and the third-largest monthly deficit ever recorded” reports Biz Pac Review.
In March, with a revenue of only $268 billion, the federal government spent $927 billion, said Treasury Department officials. “The U.S. deficit for the first six months of fiscal year 2021, which began in October, reached a massive $1.7 trillion.”
Biz Pac Review reports the deficit is largely caused by the Democrats’ $1.9 trillion coronavirus stimulus package signed into law in March. The Bipartisan Policy Center released a statement Monday saying, “unemployment insurance, refundable tax credits, and the Small Business Administration’s Paycheck Protection Program accounted for most of the increase – both from March to March and from last fiscal year to this one.”
The deficit is on track to surpass the $3.1 trillion annual deficit record set last year. The third-biggest annual deficit occurred during the Great Recession in 2009 when U.S. spending surpassed revenue by $1.4 trillion. In an interview with CBS News on Sunday, Federal Reserve Chair Jerome Powell stated the federal debt is currently on an “unsustainable” path.
President Joe Biden has focused on revamping the nation’s infrastructure, causing severe disagreement along party lines. Biden plans on passing his $2 trillion infrastructure plan claiming it will create millions of new jobs, arguing that increasing the corporate tax rate from 21% to 28% will pay for the expensive plan.
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