The number is 29% higher than August of 2021.
This week, the Treasury Department posted the U.S. government’s receipts for August 2022, reporting a $220 billion budget deficit. This difference between governmental income and spending is 29% higher than the receipts collected in August 2021, which recorded a $171 billion deficit.
Comparing the reports year over year, the government’s income did grow by 13%, around $35 billion, mostly due to an increase in individual income tax withholdings. However, spending increased by 19%, around $84 billion, mostly due to high spikes in outlays for Medicare and a rise in education spending.
Overall, the deficit has fallen from $2.71 trillion in 2021 to $946 billion in 2022. The 2021 fiscal year contained an extra $1.9 trillion in spending because of the American Rescue Plan Act.
As the Lord Leads, Pray with Us…
- For Treasury Department officials as they track the national deficit.
- For Secretary Yellen as she oversees the department and its agencies.
Sources: The Hill, Reuters
