In positive economic news, the Congressional Budget Office (CBO) is reporting a big boost in federal revenues thus far in fiscal year 2022. The federal budget deficit for the first seven months of fiscal year 2022 was an estimated $360 billion, or about one-fifth of the $1.9 trillion deficit recorded last year. Revenues surged by $843 billion (or 39%) and outlays fell by $729 billion (or 18%) compared to last year. “That increase stems mainly from larger-than-anticipated taxes, payroll taxes and corporate income taxes for calendar year 2021. The reason for the difference may reflect stronger-than-expected income growth throughout 2021 and so far in 2022,” the CBO said.


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