Braking Down The Noise

Federal Deficit Fell by $1.4 Trillion in Fiscal Year 2022, CBO Estimates

The nonpartisan agency said the decline was driven by a sharp increase in federal revenues collected and a drop in spending

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The federal deficit declined to $1.4 trillion in the just-ended fiscal year, as tax revenues increased and pandemic-related spending fell sharply, according to estimates from the nonpartisan Congressional Budget Office.

The CBO’s preliminary deficit figures for the 2022 fiscal year, which ended Sept. 30, show the federal budget shortfall fell by half from nearly $2.8 trillion the prior year, a roughly $1.4 trillion decline.

 

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