Treasury: U.S. Deficit in FY 2022 Halves to $1.4 Trillion
The deficit went down from $2.776 trillion to $1.375 trillion compared to last year. The highest single-year total ever recorded!. According to the Treasury report for FY 2022, the drop came as a significant increase in government revenues in major fields. The amount of individual income taxes collected increased by 29%, which was a crucial factor in cutting the deficit in half from the previous year, 2021.
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