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MNI BRIEF: US Saw $1.4T Budget Deficit In Fiscal Year 2022

(MNI) WASHINGTON

The U.S. Treasury Department rang up a USD1.375 trillion budget deficit in fiscal year 2022, with a USD430 billion deficit in the month of September alone.

The annual budget deficit was down a record 50% from 2021's USD2.8 trillion deficit. As a percentage of GDP, the deficit was 5.5% in 2022, a decrease of 6.8 pps (55%) from 12.3% in fiscal year 2021. The Treasury on Friday reported outlays came in at USD6.3 trillion in 2022, down 8% or USD550 billion from 2021. Receipts to the Treasury were up USD850 billion or 21% in 2022.

Total Federal borrowing from the public increased by USD2 trillion during 2022 to USD24.3 trillion. That included USD1.4 trillion in borrowing to finance the deficit as well as USD0.6 trillion in net borrowing related to other transactions such as changes in cash balances and net disbursements for credit programs. As a percentage of GDP, borrowing from the public fell from 98.4% of GDP at the end of fiscal year 2021 to 97.0% of GDP at the end of 2022.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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