Economics
US Budget Deficit Shrinks $1.6 Trillion on Record Tax Surge
- Jump in revenue to Treasury propelled by individual taxes
- Spending slowdown has also contributed to narrower deficit
The US.Treasury building in Washington, D.C.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
The US federal government’s budget deficit has shrunk by some $1.57 trillion so far this fiscal year, driven by record receipts from a strong economy and a slowdown in spending as pandemic-era programs fade.
The deficit dropped to $360 billion over the seven months from October through April 2022, according to Treasury Department data released Wednesday.