US budget deficit falls 34pc in Oct-Dec
The US budget deficit shrank in the first three months of the fiscal year amid a surge in taxes paid by individuals and corporations, the Treasury Department said Wednesday.
As the economic recovery from the Covid-19 pandemic picked up speed, the government brought in a third more revenues compared to the same period of 2021, for a record total of just over $1 trillion, according to the data.
That caused the deficit to narrow to $378 billion in the October-December period, 34 per cent less than the same quarter of 2020, Treasury said.
Spending also hit a record of $1.4 trillion in the quarter, but was only four percent higher than the comparable period a year earlier, Treasury said.