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U.S. FY 2022 budget deficit to shrink dramatically as tax revenues surge


© Reuters. FILE PHOTO – U.S. banknotes in one dollars are shown in front of the displayed stock graph in this illustration. It was taken on February 8, 2021. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters] – As a result of a strong recovery after the COVID-19 epidemic, fiscal 2022’s U.S. government budget deficit will fall to $1.036 billion from $2.775 Trillion in 2021.

In new budget and economic forecasts, based on the current spending and tax laws, CBO stated that fiscal 2022’s deficit projection is $118 billion lower than its July estimate.