Tuesday, August 30, 2022

Deficit of $212 Billion in July 2022

https://www.cbo.gov/publication/58266/html 

The federal government incurred a deficit of $212 billion in July 2022, CBO estimates—$90 billion less than the deficit recorded last July.

The federal budget deficit was $727 billion in the first 10 months of fiscal year 2022 (that is, from October 2021 through July 2022), the Congressional Budget Office estimates—$1.8 trillion less than it was at the same point last year.  Revenues were $789 billion (or 24 percent) higher and outlays were $1.0 trillion (or 17 percent) lower than they were during the same period a year ago.

Instead of comparing it to 2021, how about 2019, before the pandemic?  In 2022 fiscal year-to-date (through 7/31/22) revenues were 4,107 and expenditure were 4,835, for a deficit of 727, billion that is.

In 2019 through 7/31/2019, revenues were 2,860 and expenditures were 3,727 for a deficit of 867.  Interesting.

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