The US government on Friday reported that its fiscal 2022 budget deficit plunged by half from a year earlier to $1.375 trillion, due to fading COVID-19 relief spending and record revenues fueled by a hot economy, but student loan forgiveness costs limited the reduction.The US Treasury said the $1.4 trillion reduction in the deficit was still the largest-ever single-year improvement in the US fiscal position as receipts hit a record $4.896 trillion, up $850bn, or 21 percent from fiscal 2021.President Joe Biden touted the deficit reductions in remarks at the White House, chiding Republicans for talking but doing nothing about shrinking the deficit. He also said his administration lowered the deficit while boosting spending on infrastructure and expanding benefits for middle- and low-income Americans.
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