Mar 10, 2022 - Economy & Business

U.S. budget deficit shrunk by more than half this fiscal year

Treasury building

The U.S. Treasury building in Washington, D.C. Photo: Samuel Corum/Bloomberg via Getty Images

The country's budget deficit shrunk by more than half in the first five months of the current fiscal year, Bloomberg reported.

Driving the news: The narrowing budget deficit reflects slower growth of the government's debt as federal pandemic-induced spending lessened.

By the numbers: The U.S. budget deficit in February totaled about $217 billion, compared to roughly $311 billion in February 2021, per Marketwatch.

  • Spending from October to February came to $475.6 billion, 55% smaller than the same period last year, Bloomberg reported.
  • Meanwhile, revenue from taxes in February totaled $290 billion so far this year, compared to $248 billion a year ago, per Marketwatch.
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