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.