The Congressional Budget Office has estimated that the federal budget deficit for the first four months of fiscal year 2022 was $259 billion. This number is about one-third of the deficit recorded during the same period in 2021 ($736 billion). Tax revenues totaled $1.5 trillion, an increase of 28% compared to 2021. Individual income and payroll taxes combined rose $284 billion. In other positive budgetary news, the U.S. Treasury recently reported a budget surplus of $119 billion for January. This is notable because it’s the first surplus since the beginning of the pandemic. The Treasury attributed the surplus to rising tax revenue and the ending of pandemic-era safety net programs.
Our Blog 