US Budget Deficit Slashed in Half , As Pandemic Spending Eases.<br />Reuters reports that on Oct. 21, the American government said that compared to last year, its 2022 fiscal budget <br />deficit was cut in half to $1.375 trillion.<br />Decreased COVID relief spending <br />and record revenues were key factors.<br />According to the U.S. Treasury, the <br />$1.400 trillion deficit reduction was the <br />largest-ever improvement in a single year.<br />President Biden touted his administration's <br />efforts to lower the deficit while increasing <br />infrastructure spending and providing more <br />benefits to middle- and low-income Americans.<br />You know, we've gone from an historically strong economic recovery to a steady and stable growth, while reducing the deficit, President Biden, via statement.<br />However, student loan forgiveness costs kept the deficit from being cut even further.<br />According to CNN, the program, which is widely criticized <br />by Republicans, impacted the outlays for the fiscal <br />year's final month of September by $430 billion. .<br />Still, Treasury Secretary Janet Yellen says the Biden administration has sustained a "credible fiscal policy.".<br />I do see our debt as being <br />on a responsible path, Janet Yellen, U.S. Treasury Secretary, via statement.<br />But fiscal watchdog Committee for a Responsible Budget thinks otherwise.<br />It should be no surprise that the Federal Reserve is having a hard time getting inflation under control when fiscal policymakers keep making their job even harder with more borrowing, Maya MacGuineas, president of the Committee for <br />a Responsible Fiscal Budget, via statement
