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ECONOMY
U.S. budget deficit cut in half for biggest decrease ever amid Covid spending declines
PUBLISHED FRI, OCT 21 2022 10:30 AM EDT UPDATED FRI, OCT 21 2022 6:05 PM EDT
Jeff Cox
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KEY POINTS
• The U.S. budget deficit was sliced in half for fiscal 2022, the biggest drop in history following two years of huge Covid-related spending.
• The shortfall declined to $1.375 trillion, compared to the 2021 deficit of $2.776 trillion. Revenue posted easily the highest one-year total on record.
• The deficit decline would have been steeper had it not been for the Biden administration’s student loan forgiveness program.
The U.S. budget deficit was sliced in half for fiscal 2022, the biggest drop in history following two years of huge Covid-related spending.
Though still large in historical terms, the budget shortfall declined to $1.375 trillion, compared to the 2021 deficit of $2.776 trillion.
The decline would have been steeper had it not been for the Biden administration’s student loan forgiveness program. Education spending totaled $639.4 billion for the fiscal year, $408 billion higher than estimated.
The 2022 fiscal year saw $4.896 trillion in revenue against $6.272 trillion in outlays. The outlays number represented about a $550 billion decline in spending but an $850 billion increase in revenue. The revenue total is by far the highest ever for the U.S. government.
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Fri Oct 21, 2022:
U.S. budget deficit cut in half for biggest decrease ever amid Covid spending declines
Fri Oct 21, 2022:
U.S. budget deficit cut in half for biggest decrease ever amid Covid spending declines
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