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1 Monthly Budget Review: Summary for Fiscal Year 2022 1 (November 8, 2022)

handle is hein.congrec/mhybdt0001 and id is 1 raw text is: Congressional Budget Office NonpatisanAnalys|sfortihe USCongress Monthly Budget Review: Sumnary for Fiscal Year 2022 Novm 8 22 In fiscal year 2022, which ended on September 30, the federal budget deficit totaled nearly $1.4 trillion. The marked decline in the deficit from the previous year reflected waning spending in response to the coronavirus pandemic and increased revenues driven by higher inflation and the continued recovery of economic activity. In 2022, the deficit was equal to 5.5 percent of the nation's gross domestic product (GDP), down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019-the most recent year not affected by the pandemic. The 2022 deficit was the third largest as a percentage of GDP over the past decade and greater than the 50-year average of 3.6 percent. Table 1. Totals, Fiscal Years 2017 to 2022 Billions of Dollars 2017 2018 2019 2020 2021 2022 Receipts 3,316 3,330 3,463 3,421 4,046 4,896 Outlays 3982 4109 4447 6554 6822 6,272 Deficit (-) Amount -665 -779 -984 -3,132 -2,776 -1,375 Percentage of GDP -3.5 -3.8 -4.6 -14.9 -12.3 -5.5 Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget. Components may not sum to totals because of rounding. GDP = gross domestic product. Compared with the size of the economy, federal debt held by the public fell to 97.0 percent of GDP in 2022 from 98.4 percent of GDP at the end of fiscal year 2021 and 100.1 percent of GDP at the end of 2020. That decline occurred, despite the large 2022 deficit, because nominal GDP increased by a larger percentage than did the debt. In contrast, debt held by the public stood at 79.4 percent of GDP at the end of 2019, before the pandemic. The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not sum to totals because of rounding.

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