USA: Biden asks for 106 billion in aid for Ukraine and Israel
As the US budget deficit widened to $1.7 trillion, a 23% increase from last year, President Joe Biden called for $106 billion in emergency aid for Ukraine and Israel.
The U.S. Treasury Department said that compared to 2022's $1.37 trillion budget deficit, the fiscal year ended Sept. 30 increased by $320 billion, the largest since the $2.78 trillion of dollars triggered by Covid in 2021. The current account deficit occurred as revenues fell and spending on Social Security, Medicare and record interest costs on the federal debt rose. The development could further increase pressure on the US president as he seeks re-election in 2024. On Friday, the White House requested from Congress $105.85 billion in new foreign aid and security spending, including $60 billion for l 'Ukraine and 14 billion dollars for Israel, which has waged a full-scale war against Gaza under siege since October 7. Biden needs the rest of the funding for US border security and the Indo-Pacific region. A widening deficit could have a negative impact on ongoing talks on funding federal agencies, with Congress approaching a Nov. 17 deadline to act on the budget and avoid a potential government shutdown.
Yahoo Finance
