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%.