US deficit to drop to $1t in 2022
The US government deficit will fall dramatically this year to $1 trillion, down from levels not seen since World War II hit during the pandemic, the Congressional Budget Office said Thursday.
The budget shortfall in the current fiscal year will shrink significantly from the prior year, when it reached nearly $2.8 trillion due to the massive spending pumped out to keep the US economy afloat amid the Covid-19 downturn, which caused massive layoffs and business closures.
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