Federal Budget Deficit Shrinks to Still Eye-Popping $1.4 Trillion: CBO

President Joe Biden delivers virtual remarks at the Summit on Fire Prevention and Control from the South Court Auditorium of the White House in Washington, D.C., on Oct. 11, 2022. Brendan Smialowski/AFP via Getty Images

The U.S. federal budget deficit was $1.4 trillion for this past fiscal year, which ended Sept. 30, according to estimates released on Oct. 11 by the Congressional Budget Office (CBO).

That figure is roughly half of the nearly $2.8 trillion deficit from the prior year, marking a roughly $1.4 trillion decline, CBO said.