The federal budget deficit was $259 billion in the first four months of fiscal year 2022, CBO estimates. That amount is less than deficits recorded for the same period in the two prior years.
The federal budget deficit was $259 billion in the first four months of fiscal year 2022, the Congressional Budget Office estimates. That amount is less than deficits recorded for the same period in the two prior years. It is roughly one-third of the deficit recorded during the same period last year ($736 billion) and about two-thirds of the shortfall recorded for the same period two years ago ($389 billion), right before the start of the coronavirus pandemic. Revenues were $331 billion (or 28 percent) higher and outlays were $146 billion (or 8 percent) lower from October through January 2022 than during the same period last fiscal year.
