US budget deficit falls record $1.7 trillion in 9 months

Figure marks 77% decline to $515 billion during October-June period of fiscal year 2022

By Ovunc Kutlu

ANKARA (AA) - The US budget deficit fell by a record $1.7 trillion during the first nine months of fiscal year 2022, according to Treasury Department figures released Wednesday.

It marked a whopping 77% decline to $515 billion during the October-June period.

The deficit stood at around $2.24 trillion during the same period last year.

The massive decline was a result of higher tax revenues and a decrease in coronavirus pandemic-related spending.

While outlays showed a decline of 18% compared to the previous fiscal year, receipts increased 26%.

Kaynak:

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