Economy

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

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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 Center Square
|Updated:

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.

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The Center Square
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The Center Square was launched in May 2019 to fulfill the need for high-quality statehouse and statewide news across the United States. The focus of our work is state- and local-level government and economic reporting. www.thecentersquare.com
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