The Congressional Budget Office (CBO) estimated that the federal budget deficit for the first 10 months of fiscal year 2022 was $727 billion, with an expectation that “the total deficit for 2022 will be close to the $1 trillion estimate” it published in May. “That deficit projection doesn’t include costs for a possible executive action involving the forgiveness of student loans,” the CBO said. Individual income and payroll taxes together rose by $709 billion (or 25%). Individual income tax refunds were $30 billion (or 12%) lower than in the same period a year ago. Collections of corporate income taxes grew, on net, by $33 billion (or 12%). Read the CBO budget review: https://bit.ly/3zZiW90
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