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Soaring tax revenue, spending plunge spark record drop in budget deficit

Por: Politico Business October 21, 2022

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The U.S. government posted a record decline in federal deficits in fiscal 2022, as surging tax revenue and waning pandemic spending helped cut the budget gap in half. The annual budget shortfall totaled $1.37 trillion, compared to $2.77 trillion in the previous fiscal year, the Treasury Department said Friday. That’s due in part to record high tax receipts, which jumped last year thanks to a strong economy that drew more people into the labor... + full article



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