The deficits in both years reflect trillions of dollars in government spending to tackle the devastating effects of the COVID-19 pandemic.
Before the deficits of the past two pandemic-hit fiscals, the biggest deficit the US government recorded was a shortfall of $1.4 trillion in 2009 during President Barack Obama’s administration as the government spent heavily to lift the country out of a severe recession following the 2008 financial crisis.
Fibre2Fashion News Desk (DS)
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