Budget deficit tops $2.5 trillion this year
The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.
The figures keep the deficit on track to be second largest annual shortfall in U.S. history, behind only the most recent fiscal year that ended Sept. 30.
Still, the Treasury Department reported Wednesday that the deficit through July is 9.5% lower than the same period a year ago.
That reflected improving tax collections as the economy recovers, and the winding down of many of the emergency support programs enacted after the pandemic struck in March of last year.
The deficit for the 2020 budget year hit an all-time high of $3.1 trillion after Congress passed trillions of dollars in support in the form of individual stimulus payments, enhanced unemployment benefits and support for small businesses.
The Congressional Budget Office is forecasting that this year’s deficit will narrow slightly to $3 trillion. The CBO projects further improvement for the next budget year, which starts Oct. 1, expecting the deficit to fall to $1.2 trillion.
However, that estimate does not take into account the impact of two huge spending bills now advancing in Congress: a roughly $1 trillion bill to support traditional infrastructure programs such as highway construction, and a $3.5 trillion measure backed only by Democrats to deal with such issues as poverty and climate change.
T.J. Snow Co. wins wins safety award
T. J. Snow Co. of Chattanooga has received a 2021 Safety Award of Honor from the Fabricators & Manufacturers Association, International (FMA).
Open to all FMA company members, the awards recognize metal fabrication companies that adhere to excellence in safety.
The Safety Award of Honor is given to companies having a perfect safety record of no recordable injuries or illnesses for the reporting period.
“Safety is clearly a priority for the company. They set a good example for others in the industry,” said Edward Youdell, president and CEO of FMA.
To be eligible to receive recognition, companies were required to submit OSHA Form 300A, Summary of Work-Related Injuries and Illnesses, for the period Jan. 1, 2020, through Dec. 31.
Tyson pays fine for Alabama spill
A $3 million settlement has been reached with Tyson Farms, Inc. over a 2019 wastewater spill that killed an estimated 175,000 fish – one of the largest recorded fish kills in Alabama history, Attorney General Steve Marshall said Wednesday.
The settlement agreement, filed in Walker County Circuit Court, brings an end to the lawsuit brought by the state in April 2020 over the spill in the Mulberry Fork of the Black Warrior River, Marshall said.
The lawsuit alleged the meat company illegally discharged thousands of gallons of partially treated wastewater in May and June of 2019 that ended up in the state’s waters after a pipe failed. The spill angered local residents in northern Alabama as waves of dead and decomposing fish washed down the river for days.
The settlement directs money to the affected communities for specific projects and requires Tyson take steps to lessen the possibility of such a spill happening again, Marshall said.
“Though my Office was ready to go to trial, I am convinced that this agreement prioritizes the concerns that I heard from locals and gets money into the right hands quickly,” Marshall said.
In a statement, Tyson expressed remorse over the 2019 spill and said it is establishing new environmental governance and management systems.
– Compiled by Dave Flessner