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U.S. FY 2022 budget deficit halves to $1.375 trln despite student loan costs
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| Contributor | RP |
| Last Edited | RP Oct 21, 2022 10:21am |
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| Category | Report |
| Author | David Lawder |
| News Date | Friday, October 21, 2022 04:00:00 PM UTC0:0 |
| Description | The U.S. government on Friday reported that its fiscal 2022 budget deficit plunged by half from a year earlier to $1.375 trillion, due to fading COVID-19 relief spending and record revenues fueled by a hot economy, but student loan forgiveness costs limited the reduction.
The U.S. Treasury said the $1.400 trillion reduction in the deficit was still the largest-ever single-year improvement in the U.S. fiscal position as receipts hit a record $4.896 trillion, up $850 billion, or 21% from fiscal 2021.
Outlays for fiscal 2022, which ended Sept. 30, fell by a record $550 billion, or 8% from last year to $6.272 trillion. But the outlays for September, the fiscal year's final month, included the recognition of $430 billion in costs from the Biden administration's plan to forgive student debt of up to $20,000 for former college students now earning under $125,000 a year and under $250,000 for married couples. |
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