In March 2022, the deficit of the U.S. state budget decreased by 71% and amounted to $193 billion compared to $660 billion a year earlier, the country’s Treasury Department reported.

Budget revenues increased by 18% and reached $315 bln. The growth of revenues was largely due to the increase in tax revenues amid economic recovery.

At the same time, expenditures decreased by 45% compared to last year – to $508 billion, due to the curtailment of state support measures. Last year, the government in March paid Americans stimulus benefits under COVID-19 in the amount of $1.4 thousand per person.

Meanwhile, in the first six months of fiscal year 2022, which began on October 1, the U.S. budget deficit fell by 61% compared to the same period a year earlier – to $668 billion.

The volume of budget revenues since the beginning of the current fiscal year amounted to $2.1 trillion, setting a new six-month record.

The negative balance of the U.S. state budget at the end of fiscal year 2021, which ended on September 30, decreased by 11.4% and amounted to $2.776 trillion (or 12.4% of GDP). A year earlier, a record deficit of $3.1 trillion was recorded.

The last time the country recorded a budget surplus was in 2001.