Washington: US federal budget deficit totalled $360 billion in the first seven months of fiscal year 2022 (from October 2021 through April 2022), according to Congressional Budget Office (CBO) estimates.Also Read - Sec of Defence Lloyd Austin, Russian Defence Chief Sergei Shoigu Speak Over Phone, First Time Since Ukraine War
That amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period in fiscal year 2021, the CBO said in its monthly budget review released on Monday. Also Read - One Killed in Shooting Incident in Oakland, 41 Homicides so Far in East Bay Region’s Largest City
Revenues were $843 billion, or 39 per cent higher and outlays were $729 billion, or 18 per cent lower than a year ago, the report showed. Also Read - How Does It f-e-e-e-e-l? Bob Dylan Museum Opening In USA's Tulsa, Celebrating Nobel Laureate's Work | Pics Inside
The federal government realised a surplus of $308 billion in April 2022, CBO estimates, noting that the federal government recorded a surplus in April of each year.
The deficit at this point last year and in 2020, $1.9 trillion and $1.5 trillion, respectively, was much larger because of spending in response to the Covid-19 pandemic — mostly for the recovery rebates (also known as economic impact payments), unemployment compensation, and pandemic relief, the report said.