Treasury Reports that the 2022 deficit topped $1.4 Trillion
According to data published Thursday by The Guardian, the federal budget deficit in 2022 reached $1.42 trillion. Treasury Department.
Treasury’s monthly report showed that the deficit for December jumped from $21 billion last year to $85 billion in 2022, a new record for the month. The month’s receipts fell by 7% to $455 billion from last year. Meanwhile, expenditures grew by 6 percent to $540billion.
December’s net interest costs were $54 billion. The net interest cost for December was $144 billion. That’s an increase of $102 billion over the previous fiscal year.
The deficit for those three months rose by 12% over the same period in 2022 to reach $421 billion — or more than $4 billion a day.