Federal deficit hit $1.4 trillion in fiscal year 2022, nearly 50% above pre-COVID level

 The Biden administration on Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is an average of nearly $120 billion in added debt every month. Federal debt surpassed $31 trillion earlier this month.

Biden touts deficit reduction

• Biden touted the deficit reduction from the previous year, down from $2.8 trillion in fiscal year 2021

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, blasted the announcement saying it was "nothing to celebrate."

• "The entirety of the decline in the deficit between 2021 and 2022 can be attributed to the expiration of temporary COVID relief," she said.
• Critics also point out that Biden's planned student loan forgiveness erases significant deficit gains.

https://www.thecentersquare.com/national/federal-deficit-hit-1-4-trillion-in-fiscal-year-2022-nearly-50-above-pre-covid/article_b0939204-5158-11ed-bc0d-43f1a7db9ee0.html