The US federal government’s budget deficit has shrunk by some $1.57 trillion so far this fiscal year, driven by record receipts from a strong economy and a slowdown in spending as pandemic-era programs fade.
The deficit dropped to $360 billion over the seven months from October through April 2022, according to Treasury Department data released Wednesday.
Receipts were $2.99 trillion in the fiscal year-to-date, up from $2.14 trillion a year ago, boosted by strong growth in employment and wages, a Treasury official said during a call with reporters. Receipts just for April -- the month individual tax returns are due -- amounted to $864 billion, the highest for any month on record.
Spending fell to $3.35 trillion in the fiscal year through April, down from $4.08 trillion a year ago, helped in part by the rolloff of pandemic-related benefits to households and businesses.
This article was provided by Bloomberg News.