A Congressional Budget Office infographic shows that the federal budget deficit in fiscal year 2022 reached $1.4 trillion, which is equivalent to 5.5 percent of gross domestic product.
CBO said in another infographic published March 28 the federal government’s mandatory outlays totaled $4.1 trillion in FY 2022 with Social Security and Medicare programs accounting for nearly 50 percent of the figure.
According to the agency, mandatory outlays represented 16.5 percent of GDP.
Discretionary spending in the previous fiscal year amounted to $1.7 trillion and the government recorded higher nondefense outlays at $910 billion in FY 2022 driven by spending on programs meant to address the COVID-19 pandemic.
The federal government received $4.9 trillion in FY 2022 revenues and receipts from individual income taxes hit $2.6 trillion, which represented more than half of the total revenues recorded in the previous fiscal year.
