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U.S. posts smallest budget deficit in two years as employment rebounds -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This sign can be seen at the United States Department of the Treasury Headquarters in Washington, D.C., U.S.A, August 29, 2020. REUTERS/Andrew Kelly/File photo

(Reuters) – As individual income tax receipts soared in tandem with rising employment, the U.S. government recorded a deficit of $21 million for December 2021.

The December deficit was 15% lower than $144 billion in the previous year. It was also the lowest deficit since $13 billion December 2019 deficit, right before the COVID-19 pandemic, which threw the world economy into chaos.

December receipts increased 41% to $487 billion monthly, and outlays rose 4% to $508 billion.

The federal deficit dropped 34% in the three-month period ending Oct. 1, 2022, compared to the previous year. Federal receipts increased 31% to record $1.052 Trillion and expenditures rose 4% to record $1.430 Trillion.

December saw a 44% rise in income withheld and payroll taxes. Other individual tax payments rose by 13%.

A variety of outlay types were lower than last year in December, with Labor Department expenditures — principally for unemployment benefits — falling 81% to $6 Billion.

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