WASHINGTON: According to the Congressional Budget Office (CBO), the U.S federal budget deficit in the first seven months of fiscal year 2022 (October 2021 to April 2022) was USD360 billion.

The CBO noted in its monthly budget review released on Monday that this amount is about one-fifth of the USD1.9 trillion loss recorded during the same period in the fiscal year 2021.

According to report, revenues were USD843 billion, up 39% from a year ago, while outlays were USD729 billion, down 18%.  Congressional Budget Office expects that the federal government made a USD308 billion surplus in April 2022, noting that the federal government makes a surplus every year in April.

The deficits were much higher at this point last year and in 2020, at USD1.9 trillion and USD1.5 trillion, respectively, due to spending in response to the Covid-19 pandemic, which was primarily for recovery rebates (also known as economic impact payments), unemployment compensation, and pandemic relief,  the report said.

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