The Congressional Budget Office (CBO) is reporting that the fiscal year 2022 federal budget deficit will be lower than its $1 trillion projection made a few months ago. For the first nine months of fiscal year 2022, the deficit was $514 billion. The deficit recorded during the same period last year was $2.2 trillion, larger because of COVID-19-related spending and because revenues were lower, the CBO noted. A few more numbers from the CBO: Revenues totaled $3.8 trillion through the end of June, which was $779 billion more than during the same period in 2021. Individual income and payroll taxes rose by a combined $690 billion, or 27%. Read the CBO’s report: https://bit.ly/3OmECkw Call or visit our website for more information! www.mjscpa.com/
