With President Joe Biden in office, the federal deficit has shrunk from its all-time high of $3.13 trillion, hit in the final year of Donald Trump’s administration, finishing at $2.77 trillion, the Associated Press reports.
The fiscal year ended September 30th, showing the deficit dropped $360 billion from the record high of the Trump Administration. The Trump Administration led the fastest increase in the national debt in US history, running up $8 trillion in debt in four years. The $3.13 trillion in deficit was more than double the highest previously recorded deficit: the $1.9 trillion the US accrued in 2009 in Obama’s first year in office as the country dug out of the Great Recession.
Coming into office in January, the Biden Administration trimmed back some coronavirus pandemic aid and started to crack down on tax scofflaws. Revenue from corporate taxes reached an all-time high of $4.047 trillion in FY2021, according to the Tax Foundation.