The federal budget deficit was $475 billion in the first five months of fiscal year 2022, CBO estimates. That amount is less than deficits recorded during the same period in the two prior fiscal years.
The federal budget deficit was $475 billion in the first five months of fiscal year 2022, CBO estimates. That amount is less than deficits recorded during the same period in the two prior fiscal years: It is less than half the shortfall recorded for the same months in fiscal year 2021 ($1,047 billion) and three-quarters of the deficit recorded in 2020 ($624 billion), just before the start of the coronavirus pandemic. From October 2021 through February 2022, revenues were $371 billion (or 26 percent) higher and outlays were $201 billion (or 8 percent) lower than they were during the same period a year ago, CBO estimates.
