{"id":19848,"date":"2022-10-22T09:56:07","date_gmt":"2022-10-22T13:56:07","guid":{"rendered":"https:\/\/www.acenewstoday.com\/?p=19848"},"modified":"2022-10-22T09:56:32","modified_gmt":"2022-10-22T13:56:32","slug":"2022-u-s-federal-budget-deficit-halves","status":"publish","type":"post","link":"https:\/\/www.acenewstoday.com\/2022-u-s-federal-budget-deficit-halves\/","title":{"rendered":"2022 U.S. federal budget deficit halves"},"content":{"rendered":"\n<p>In a surprise announcement yesterday, Biden administration officials reported that during Fiscal Year 2022, the U.S. deficit fell by $1.4 trillion, which is the largest one-year decrease of the Federal deficit in American history. The 2022 deficit of $1.375 trillion was half of the FY 2021 deficit, $40 billion less than forecasted in the President\u2019s 2023 Budget and $1.8 trillion lower than the deficit the President inherited. As a percentage of <a href=\"https:\/\/www.imf.org\/external\/pubs\/ft\/fandd\/basics\/gdp.htm\" target=\"_blank\" rel=\"noreferrer noopener\">GDP<\/a>, the FY 2022 deficit was 6.8 percentage points lower than in the previous year.<\/p>\n\n\n\n<p>The news came in the form of a joint release from U.S. Secretary of the Treasury Janet L. Yellen and White House Office of Management and Budget (OMB) Director Shalanda D. Young.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cToday\u2019s joint budget statement provides further evidence of our historic economic recovery, driven by our vaccination effort and the American Rescue Plan. It also demonstrates President Biden\u2019s commitment to strengthening our nation\u2019s fiscal health,\u201d Secretary of the Treasury Janet L. Yellen said.<\/p><\/blockquote>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"433\" src=\"https:\/\/www.acenewstoday.com\/wp-content\/uploads\/2022\/10\/cvr-02-Janet-L-Yellen-Twitter.jpg\" alt=\"\" class=\"wp-image-19849\" srcset=\"https:\/\/www.acenewstoday.com\/wp-content\/uploads\/2022\/10\/cvr-02-Janet-L-Yellen-Twitter.jpg 680w, https:\/\/www.acenewstoday.com\/wp-content\/uploads\/2022\/10\/cvr-02-Janet-L-Yellen-Twitter-300x191.jpg 300w, https:\/\/www.acenewstoday.com\/wp-content\/uploads\/2022\/10\/cvr-02-Janet-L-Yellen-Twitter-410x260.jpg 410w, https:\/\/www.acenewstoday.com\/wp-content\/uploads\/2022\/10\/cvr-02-Janet-L-Yellen-Twitter-435x277.jpg 435w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><figcaption>Secretary of the Treasury Janet L. Yellen, Image credit: Twitter<\/figcaption><\/figure><\/div>\n\n\n<p>Yellen added that, <em>\u201cPresident Biden\u2019s recently enacted economic plan will build on the economic gains of the past two years. The Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act will help put the country on a path to sustained economic growth, create new and good-paying jobs across the country, and strengthen American economic resilience for years to come<\/em>.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.msn.com\/en-us\/news\/us\/us-budget-deficit-slashed-in-half-but-remains-far-above-pre-pandemic-levels-as-covid-spending-winds-down\/ar-AA13eTxp\" target=\"_blank\" rel=\"noreferrer noopener\">MSN<\/a> reported that the deficit decline would have been steeper had it not been for the Biden administration&#8217;s student loan forgiveness program.&nbsp; President Joe Biden countered with the current deficit woes being attributed to the Republicans\u2019 2017 tax cut bill.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;The federal deficit went up every single year in the Trump administration \u2014 every single year he was president,&#8221; he said. &#8220;It went up before the pandemic. It went up during the pandemic. It went up every single year on his watch, Republican&#8217;s watch.&#8221;<\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Last year, the deficit fell by $350 billion.<br><br>This year, it&#39;ll fall by $1.4 trillion.<br><br>And, because we\u2019re making corporations pay their fair share and giving Medicare the power to negotiate lower prices, we&#39;ll reduce the deficit by another $250 billion over the next decade.<\/p>&mdash; President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1583499606780186624?ref_src=twsrc%5Etfw\">October 21, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>&#8220;The federal deficit went up every single year in the Trump administration \u2014 every single year he was president,&#8221; Biden said. &#8220;It went up before the pandemic. It went up during the pandemic. It went up every single year on his watch, Republican&#8217;s watch.&#8221;<\/p>\n\n\n\n<p>A consequence of the Trump Administration\u2019s 2017 Tax Cut means that hundreds of billions of dollars will not be collected by the U.S. government from the richest 1% of the nation. Supporting Biden\u2019s stand, the budget deficit did increase every year during Trump\u2019s presidency, \u201c<a rel=\"noreferrer noopener\" href=\"https:\/\/www.nytimes.com\/2019\/12\/30\/business\/trump-tax-cuts-beat-gilti.html\" target=\"_blank\">partly as a result of the tax law<\/a>.\u201d<\/p>\n\n\n\n<p>To coincide with the release of the Federal Government\u2019s year-end financial data, Treasury\u2019s Bureau of the Fiscal Service (Fiscal Service) is releasing a new version of&nbsp;<strong><a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/\">Your Guide to America\u2019s Finances<\/a><\/strong>&nbsp;(Your Guide). The Fiscal Service created Your Guide in 2019 to make Federal financial information transparent and accessible to all Americans.<\/p>\n\n\n\n<p>(Source: <a href=\"https:\/\/home.treasury.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of the Treasury<\/a>)<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Biden touts plunging deficit, blasts Republicans\u2019 economic plan l ABC News\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/YR42yzp42Xs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><em>Posted by Richard Webster, Ace News Today&nbsp; &nbsp;\/&nbsp;&nbsp;<\/em>&nbsp;Follow Richard on&nbsp;<a href=\"https:\/\/www.facebook.com\/richard.webster.31\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Facebook<\/strong><\/a>&nbsp;and&nbsp;<a href=\"https:\/\/twitter.com\/rdwebster\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Twitter<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. deficit fell by $1.4 trillion, the largest 1-year decrease of the Federal deficit in American history<\/p>\n","protected":false},"author":2,"featured_media":19850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[35,6006,2657,27,2381,11,6678],"tags":[11872,11877,11875,11871,11869,11868,1719,11874,11870,11873,11876],"class_list":["post-19848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-government","category-money","category-politics","category-public-service-announcement","category-top-news","category-video","tag-2017-tax-cut-bill","tag-2022-budget-deficit-halves","tag-american-rescue-plan","tag-budget-deficit-halves","tag-gdp","tag-janet-l-yellen","tag-joe-biden","tag-shalanda-d-young","tag-student-loan-forgiveness-program","tag-u-s-department-of-the-treasury","tag-us-budget-deficit","clearfix"],"_links":{"self":[{"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/posts\/19848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/comments?post=19848"}],"version-history":[{"count":1,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/posts\/19848\/revisions"}],"predecessor-version":[{"id":19851,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/posts\/19848\/revisions\/19851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/media\/19850"}],"wp:attachment":[{"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/media?parent=19848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/categories?post=19848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.acenewstoday.com\/wp-json\/wp\/v2\/tags?post=19848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}