U.S. budget deficit halved from a year ago after Covid costs fell

The U.S. Treasury Department announced Friday (Oct. 21) that the U.S. budget deficit will be cut in half to $1.38 trillion in 2022 from the previous year. The cost of dealing with the COVID-19 epidemic is falling and government revenues are apparently reaching record highs.

The U.S. budget deficit in 2021 was $2.77 trillion.

Total U.S. government spending was $6.27 trillion in the fiscal year 2022, a decrease of 8.1% from 2021.

Total revenues amounted to $4.90 trillion, up 21.0% from the previous year. According to the Ministry of Finance, this is partly due to a higher collection of personal and corporate income tax.

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