The U.S. federal budget deficit hit $2.5 trillion in the first ten months of the fiscal year after a record July shortfall of $302 billion, the Treasury...
The numbers: The U.S. federal budget deficit narrowed to $2.5 trillion in the first ten months of the fiscal year, the Treasury Department said Wednesday. This is down from a $2.8 trillion deficit over the same period last year.
Key details: The comparison of the July deficit with last July is difficult because in 2021 taxes for most Americans were deferred until mid-July. As a result receipts last month were 54% smaller than one year ago.Big picture: It will be a close call on whether the federal deficit this year will exceed last year’s record $3 trillion deficit. The fiscal year ends in September.
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