US budget deficit in December narrows sharply from a year earlier
Deficit impact of Build Back Better will be ‘huge;’ debt ceiling must be brought down: MacGuineas
Committee for a Responsible Federal Budget President Maya MacGuineas discusses the economic impact of Biden’s spending bill.
The U.S. government on Wednesday posted a roughly $21 billion budget deficit for December, the smallest monthly shortfall in nearly two years as the pandemic recovery fueled an increase in personal and corporate income tax receipts.
The gap between what the government spent and what it collected last month is well below the $144 billion deficit recorded one year ago, the Treasury Department said in its monthly report. It marks the smallest one-month deficit since December 2019, when it was roughly $133 billion.
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Receipts for December totaled $487 billion, up by 41% from a year earlier, not adjusting for calendar differences. Federal outlays in December increased by 4% from the previous year to $508 billion.