Government budget deficits
Republicans juggle deficit, pandemic and schools in budget

By Marc Levy Jun. 17, 2021 11:26 AM EDT
HARRISBURG, Pa. (AP) — Republican lawmakers in Pennsylvania are working to assemble a budget plan that would use billions in federal pandemic relief and...

FILE - This May 4, 2021, photo shows the Treasury Building in Washington. The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus relief programs drove spending to all-time highs. The shortfall this year is 9.7% higher than the $1.88 trillion deficit run up over the same period a year ago, the Treasury Department said Wednesday, June 9, 2021 in its monthly budget report. (AP Photo/Patrick Semansky, file)
US budget deficit for current year hits record $2.1 trillion

By Martin Crutsinger Jun. 10, 2021 03:36 PM EDT

President Joe Biden tours the Cuyahoga Community College Manufacturing Technology Center, Thursday, May 27, 2021, in Cleveland. (AP Photo/Evan Vucci)
Biden's $6T budget: Social spending, taxes on business

By Andrew Taylor May. 29, 2021 12:01 AM EDT

President Joe Biden delivers remarks on the economy at the Cuyahoga Community College Metropolitan Campus, Thursday, May 27, 2021, in Cleveland. (AP Photo/Evan Vucci)
Biden's $6T budget: Social spending, taxes on business

By Andrew Taylor May. 28, 2021 02:51 PM EDT

Robust revenue allows Illinois to repay federal loan early

By John O'connor May. 20, 2021 06:24 PM EDT
SPRINGFIELD, Ill. (AP) — Illinois Democratic leaders announced Thursday that they have agreed to repay federal pandemic-relief loans more than a year earlier...

FILE - In this May 7, 2021 file photo, Treasury Secretary Janet Yellen speaks during a press briefing at the White House in Washington. The U.S. budget deficit surged to a record of $1.9 trillion for the first seven months of this budget year, bloated by the billions of dollars being spent in coronavirus relief packages. In its monthly budget report, the Treasury Department said Wednesday, May 12 that the shortfall so far this year is 30.3% higher than the $1.48 trillion deficit run up over the same period a year ago.(AP Photo/Patrick Semansky)
US budget deficit hits record $1.9 trillion so far this year

By Martin Crutsinger May. 12, 2021 02:30 PM EDT

FILE- This June 6, 2019, file photo shows the U.S. Treasury Department building at dusk in Washington. The Treasury Department says it will employ extraordinary measures to avoid an unprecedented default on the national debt this summer, but officials say those measures could be exhausted “much more quickly” than normal given the unusual circumstances of the global pandemic. (AP Photo/Patrick Semansky, File)
Treasury warns of need to deal with national debt limit

By Martin Crutsinger May. 05, 2021 09:05 AM EDT

FILE - In this Wednesday, Nov. 4, 2020 file photo, a waiter prepares for the closing of a pub in London's Soho area just before the start of a national lockdown for England. Britain has seen its budget deficit rise during the coronavirus pandemic to its highest level since the year after the end of World War II, official figures showed Friday April 23, 2021. While tax receipts have ebbed, the government has splashed out billions of pounds trying to prop up the economy and jobs since the pandemic first struck more than a year ago, covering the lion's share of the salaries of people unable to work during the country's many lockdowns and providing further support to hard-hit businesses. (AP Photo/Alberto Pezzali, File)
UK sees budget deficit rise to highest rate since 1946

By Pan Pylas Apr. 23, 2021 06:12 AM EDT

FILE - In this Aug. 3, 2020, file photo dark clouds and heavy rain sweep over the U.S. Capitol in Washington. The U.S. government's budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month. (AP Photo/J. Scott Applewhite, File)
US budget deficit jumps to record $1.7 trillion this year

By Martin Crutsinger Apr. 12, 2021 04:49 PM EDT

FILE - In this Dec. 1, 2020, file photo, Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. During an interview broadcast Sunday, April 11, 2021, on CBS' "60 Minutes," Powell said the U.S. economy is poised for an extended period of strong growth and hiring, though the coronavirus still poses some risk. (Al Drago/The New York Times via AP, Pool, File)
Fed's Powell sees US boom ahead, with COVID still a risk

By Christopher Rugaber Apr. 11, 2021 07:02 PM EDT

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. The Treasury Department reported Wednesday, March 10, 2021, that the October through February deficit was 68% larger than the $624.5 billion deficit recorded during the same period last year. (AP Photo/Andrew Harnik, File)
US budget deficit hits record $1.05 trillion after 5 months

By Martin Crutsinger Mar. 10, 2021 02:18 PM EST

Minnesota Gov. Tim Walz answers a question from a reporter during a news conference to debut his state budget plan for the next two years Tuesday, Jan. 26, 2021 at the Department of Revenue building in St. Paul, Minn. (Anthony Souffle/Star Tribune via AP)
'Now democracy starts,' Walz says as deficit becomes surplus

By Steve Karnowski Feb. 26, 2021 05:49 PM EST

In this still image taken from video, Illinois Gov. J.B. Pritzker presents a remote version of his annual State of the State and budget addresses from a pavilion at the Illinois State Fairgrounds Wednesday, Feb. 17, 2021, in Springfield, Ill. Pritzker steeped in and often guided by Illinois history, chose the location to recall that it was an overflow field hospital in 1918 for victims of the Spanish Flu pandemic, and which, starting Wednesday, became one of the state's largest COVID-19 vaccination sites. (Advanced Digital Media via AP)
No tax hike, no corporate tax breaks in slim Illinois budget

By John O'connor Feb. 17, 2021 01:17 PM EST

FILE - In this May 11, 2020, file photo, Assemblywoman Cottie Petrie-Norris speaks during an oversight hearing in Sacramento, Calif. Some Democrats in the California state Legislature have introduced a bill that would rescind some temporary tax increases for life sciences companies that are working on developing vaccines and treatments for COVID-19. Last year, lawmakers agreed to raise taxes on some businesses to help close a projected $54.3 billion budget deficit. (AP Photo/Rich Pedroncelli, File)
Bill would end tax hikes for companies researching disease

By Adam Beam Feb. 16, 2021 04:50 PM EST

Philadelphia mayor warns of possible $450 million budget gap

Feb. 16, 2021 11:35 AM EST
PHILADELPHIA (AP) — The city of Philadelphia is warning of a potential $450 million budget gap for the 2022 fiscal year and is asking residents to weigh in on...

FILE - This July 16, 2019, file photo shows the Capitol Dome in Washington. The U.S. government's budget deficit hit $735.7 billion through the first four months of the budget year, an all-time high for the period, as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury Department reported Wednesday, Feb. 10, 2021, that the deficit so far for the budget year that began Oct. 1 is 89% higher than the $389.2 billion deficit run up in the same period a year ago. (AP Photo/Carolyn Kaster, File)
Budget deficit totals record $735.7 billion through January

By Martin Crutsinger Feb. 10, 2021 02:41 PM EST

FILE - In this Jan. 7, 2021 file photo, a "Help Wanted," sign is shown in the window of a souvenir shop in Miami Beach, Fla. Hiring has weakened for six straight months. Nearly 10 million jobs remain lost since the coronavirus struck. And this week, the Congressional Budget Office forecast that employment won’t regain its pre-pandemic level until 2024. (AP Photo/Wilfredo Lee)
Why US hiring could rebound faster than you might expect

By Christopher Rugaber Feb. 03, 2021 12:02 PM EST

FILE - In this Nov. 4, 2020, file photo, Pennsylvania Gov. Tom Wolf speaks during a news conference in Harrisburg, Pa., regarding the counting of ballots in the 2020 general election. Facing a deep, pandemic-inflicted budget deficit, Gov. Wolf will ask lawmakers for billions of dollars funded by higher taxes on Pennsylvania’s huge natural gas industry for workforce development and employment assistance to help the state recover. (AP Photo/Julio Cortez, File)
Wolf launches a budget fraught with deficits, uncertainty

By Marc Levy Feb. 03, 2021 07:29 AM EST

FILE - In this Nov. 4, 2020, file photo, Pennsylvania Gov. Tom Wolf speaks during a news conference in Harrisburg, Pa., regarding the counting of ballots in the 2020 general election. Facing a deep, pandemic-inflicted budget deficit, Gov. Wolf will ask lawmakers for billions of dollars funded by higher taxes on Pennsylvania’s huge natural gas industry for workforce development and employment assistance to help the state recover. (AP Photo/Julio Cortez, File)
Wolf, now a lame duck, wants billions for workforce aid

By Marc Levy Jan. 28, 2021 11:02 AM EST

FILE - In this Oct. 15, 2020, file photo, Hawaii Gov. David Ige speaks at a news conference at the Daniel K. Inouye International Airport in Honolulu. On Monday, Jan. 25, 2021, Ige asked residents to be ready for more tough times ahead as the state grapples with a large budget shortfall caused by a coronavirus pandemic that's pummeled the tourism industry, but said improved tax revenue forecasts mean he's not currently seeking broad-based tax increases. (AP Photo/Marco Garcia, File)
Hawaii governor asks residents to 'do more with less'

By Audrey Mcavoy Jan. 25, 2021 07:59 PM EST