The US budget deficit was slashed in half during the 2022 fiscal year. The numbers would have been even lower if not for the student loan forgiveness program introduced by President Joe Biden.
Mandatory Credit: Jonathan Ernst/Reuters
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US budget deficit slashed in half, but remains far above pre-pandemic levels, as Covid spending winds down
The US budget deficit was slashed in half during fiscal year 2022, a record $1.4 trillion drop driven by the winding down of massive pandemic-related spending and a jump in revenues for the federal government as jobs and wages surged during the economic recovery.
