May 10, 2022: U.S. federal budget deficit totaled 360 billion dollars in the first seven months of fiscal year 2022 (from October 2021 through April 2022), according to Congressional Budget Office (CBO) estimates released Monday.
That amount is about one-fifth of the 1.9 trillion dollar shortfall recorded during the same period in fiscal year 2021, the CBO said in its monthly budget review.
Revenues were 843 billion dollars, or 39 percent higher and outlays were 729 billion dollars, or 18 percent lower than a year ago, the report showed.
The federal government realized a surplus of 308 billion dollars in April 2022, CBO estimates, noting that the federal government recorded a surplus in April of each year.
The deficit at this point last year and in 2020, 1.9 trillion dollars and 1.5 trillion dollars, respectively, was much larger because of spending in response to the COVID-19 pandemic — mostly for the recovery rebates (also known as economic impact payments), unemployment compensation, and pandemic relief, the report said.
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