U.S. February budget deficit falls 30% as economy recovers – Reuters.com

March 10 (Reuters) – The U.S. federal government posted a $217 billion deficit in February, a 30% reduction from a year ago as invoices grew and outlays fell, mainly as a result of financial healing from the COVID-19 pandemic, the Treasury Department said on Thursday.The Treasury said that receipts in February reached $290 billion, up 17% from February 2021, when the federal government posted a $311 billion deficit– a record high for the month as federal joblessness supplements and other assistance payments to people and organizations were being disbursed.Outlays in February this year totaled $506 billion, down 9% from the year-ago period as a result of lower unemployment compensation and other COVID-19 help benefits.The Treasury stated it tape-recorded strong February increases in specific kept taxes along with in other specific and corporate taxes compared to a year earlier. Airport excise taxes and custom-mades duties receipts likewise grew, showing rebounds in travel and trade, a Treasury authorities said.For the very first 5 months of financial 2022, the federal budget deficit was $476 billion, down 55% from the year-earlier space of $1.047 trillion, which was likewise a record for the period. Fiscal year-to-date invoices were up 26% to $1.807 trillion, while outlays fell 8% to $2.282 trillion. (Reporting by David Lawder; Editing by Andrea Ricci).

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