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U.S. Deficit Falls to $1.4 Trillion this Fiscal Year

U.S. deficit fell this fiscal year by nearly $1.4 trillion due to the strength of the U.S. economy, President Joe Biden announced Friday.

Biden mentioned the good state of the economy with gasoline prices down from this summer’s spike and unemployment at only 3.5%.

Although the president did not mention it, Americans have also seen a rise in inflation in recent months not recorded in decades and which, in September, stood at 8.2%.

The deficit for this fiscal year, which ended Sept. 30, stood at $1.375 trillion, which is $1.4 trillion less than the previous year’s $2.8 trillion according to the White House.

As a result, this fiscal year the deficit reached the equivalent of 5.5% of gross domestic product (GDP), compared to 12.3% the previous year.

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