US budget deficit falls to $2.8t
The US budget deficit narrowed slightly in the past year as the economy recovered from the pandemic, falling $360 billion to $2.8 trillion, the government reported Friday.
The result for the fiscal year ended September 30 was far better than expected a few months ago, but just shy of the record set in 2020 during the worst of the health crisis.
The improvement reflected a more than $600 billion increase in tax revenues as the economy was able to restart following the pandemic shutdowns, according to data from the Treasury Department and White House budget office.
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