U.S. Presidents and the Largest Budget Deficits
When a president takes office, they inherit the previous administration's federal budget and budget deficit,
Which stands for their first year. This is because the federal fiscal year runs from Oct. 1 to Sep. 30,
Making it impossible for the incoming president to influence whether or not the budget has a deficit from January,
Although almost every U.S. president in the past half-century has run a record budget deficit at one time or another,
The largest budget deficits in U.S. history were run by former President Donald Trump and his two immediate predecessors.
However, under the administration of Trump's successor, President Joe Biden, the deficit has gone down,
Even though his administration has had to deal with expenses connected to the COVID-19 pandemic.