The federal government incurred a deficit of $191 billion in March 2022, CBO estimates—about one-third of the deficit recorded last March. CBO estimates that receipts in March totaled $315 billion—$47 billion (or 18 percent) more than in March 2021, largely driven by individual income and payroll tax collections, which increased by $44 billion (or 20 percent). In addition, remittances from the Federal Reserve rose by $5 billion (or 59 percent). Partially offsetting those increases, collections of corporate income taxes decreased by $5 billion (or 36 percent). Total spending in March 2022 was $506 billion, CBO estimates—$421 billion (or 45 percent) less than last year.
The federal budget deficit was $667 billion in the first six months of fiscal year 2022 (that is, from October 2021 through March 2022), the Congressional Budget Office estimates. That amount is roughly 40 percent of the shortfall recorded during the same period in 2021 ($1,706 billion). Revenues were $418 billion (or 25 percent) higher and outlays were $622 billion (or 18 percent) lower than during the same period a year ago. https://www.cbo.gov/system/files/2022-04/57909-MBR.pdf
My comment: The CBO tries to make this seem really good and a dramatic improvement over FY2021, but the deficit will still probably be the 3rd worse ever, behind 2020 and 2021. In 2009 during the Great Recession, the deficit was $1,413 billion, and the deficit will probably be worse than that this fiscal year.
