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As the U.S. debt limit is reached Thursday,
Republican lawmakers should note: U.S. Deficit fell in 2022 under Biden!

House Republican Majority Leader Kevin McCarthy has threatened an extension of the U.S. debt ceiling Thursday, which if approved, could tank the economy and credit of the U.S. Credit: The New York Times.

U.S. Deficit Fell to $1.4 Trillion in 2022

The deficit was down from $2.6 trillion a year earlier, as pandemic emergency spending slowed, the economy reopened and tax revenue rose. The new figures come as spending fights loom in a divided Congress.

From The New York Times (accessible text):

The federal budget deficit fell to $1.4 trillion for the 2022 calendar year, down from $2.6 trillion a year ago, as pandemic emergency spending slowed, the economy reopened and tax revenue rose, according to the Treasury Department.

While the annual gap between what the nation spends and what it takes in narrowed, the monthly deficit for December 2022 widened compared with a year ago, suggesting that the deficit will most likely grow again in the year to come. The federal government recorded an $85 billion shortfall last month, up from a $21 billion deficit in December 2021.

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Posted by Steve on January 17, 2023 at 1:21 pm | Permalink

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