Federal Deficit Topped $1.4 Trillion in Fiscal Year 2022, Nearly 50 Percent Above Pre-Covid Level

President Joe Biden speaks about student debt relief at Delaware State University in Dover, Del., on Oct. 21, 2022. Oliver Contreras/AFP via Getty Images

The Biden administration on Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is an average of nearly $120 billion in added debt every month.

Federal debt surpassed $31 trillion earlier this month. The federal debt topped $30 trillion, its own milestone, in January of this year.