Mar 10, 2022 - Economy & Business
U.S. budget deficit shrunk by more than half this fiscal year
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.