How can the US Deficit be “cut in half”?

Question

I’m seeing news stories about how the US deficit was reduced by half down to $1.4 Trillion within the last year. How is this possible to move this fast? Does the current government have anything to do with it or is it all external factors?

In: 1

Answer 1

Deficit is current spending vs. income. Last year the government spent about $3t more than it took in, this year that figure is half that. It’s not a reduction in national debt, just a slowing of growth in national debt.