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WASHINGTON — The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending and an economy that has recovered all of the jobs lost during the multiyear pandemic.

WASHINGTON — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020.

WASHINGTON — The U.S. trade deficit narrowed in April to $68.9 billion as an improving global economy boosted sales of American exports.

The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.

The U.S. posted its biggest monthly budget deficit on record last month, amid falling corporate and individual tax revenue and increasing federal spending.

The U.S. posted its largest budget deficit since 2013 in the fiscal year that just ended, as a pickup in spending exceeded revenue gains.

The trade deficit narrowed in November as U.S. petroleum imports sank to the lowest level in more than five years.

The trade deficit was little changed in October as an improving U.S. economy caused imports to climb to a record while exports also rose.

The trade deficit in the U.S. widened in September as exports cooled from a record, highlighting how weakening global growth will affect the world’s largest economy.

The trade deficit in the U.S. shrank in August to the lowest level in seven months as exports edged up to a record.