The U.S. federal budget deficit narrowed to $356.4 billion in first two months of 2022 fiscal year, the Treasury Department said Friday.
The numbers: The U.S. federal budget deficit narrowed to $356.4 billion in the first two months of the fiscal year, the Treasury Department said Friday. This is down from a $429.3 billion deficit over the same period last year.
Earlier this week, the Congressional Budget Office estimated the November deficit would be $193 billion. One of the biggest declines in outlays in percentage terms came from the Labor Department, where spending has fallen 85% in the last two months as a result of the ending of emergency pandemic unemployment insurance payments.First, Senate Republicans and Democrats have reached a compromise to allow Congress to raise the debt ceiling and avoid a government default. A final vote on the plan is set for next week.
Thirdly, the Fed is expected to move to a less accommodative monetary policy next year. Any increase in Fed interest rates will make government borrowing more expensive. If rates rise sharply over the next few years, with deficits still high, government spending on interest on the federal debt may begin to crowd out spending on social spending.
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