The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, the Associated Press reports. The increase was reportedly fed by pandemic support provided to the nation. Records indicated these figures keep the deficit on track to be the second-largest annual shortfall in U.S. history. America is still feeling pandemic shock waves, largely in an increase in prices at the grocery store and at the gas pump. CNN has created a breakdown of all the items that are getting more expensive.
More red ink: US budget deficit through July hit $2.54T
The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.
The figures keep the deficit on track to be second largest annual shortfall in U.S. history, behind only the most recent fiscal year that ended Sept. 30.
Still, the Treasury Department reported Wednesday that the deficit through July is 9.5% lower than the same period a year ago.
That reflected improving tax collections as the economy recovers, and the winding down of many of the emergency support programs enacted after the pandemic struck in March of last year.
The deficit for the 2020 budget year hit an all-time high of $3.1 trillion after Congress passed trillions of dollars in support in the form of individual stimulus payments, enhanced unemployment benefits and support for small businesses.
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CNN Business/Moira Ritter
Prices are still rising. Here’s what’s getting more expensive
America’s prices are continuing to rise as the economy recovers from the pandemic, and consumer wallets are feeling the squeeze. If you’re looking for a bright side, though, prices didn’t rise as much in July as in prior months, indicating that price increases might at least be slowing down a little bit.
Without including the volatile food and energy categories, consumer prices increased 4.3% in the 12-month period ending in July, slightly lower than June’s increase. Overall prices rose 5.4%, the same increase seen in June.
Looking at just the month of July, consumer prices rose 0.5% on the whole, less than the 0.9% increase for the prior month. Removing food and energy, prices rose 0.3% in the month of July.
Here’s what you need to know about what got more expensive last month.
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Fox Business/Neils Christensen
Delta variant causing ‘havoc’ on markets, could force Fed to taper: Expert
Mahoney Asset Management CEO Ken Mahoney on how vaccine requirements and the Fed are impacting the economy.
You can watch the full interview, here.