Federal Deficit Tops $1.4 Trillion in Fiscal Year 2022, Nearly 50 Percent Above Pre-COVID Level

The Biden administration on Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is an average of nearly $120 billion in added debt every month.

Federal debt surpassed $31 trillion earlier this month. The federal debt topped $30 trillion, its own milestone, in January of this year.

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Follow the Money: CARES Act Update

Congress passed the CARES Act last March, sending many taxpayers $1,200, giving $100 billion to health providers, and boosting unemployment benefits by $600 a week, according to Govtrack. The $2 trillion stimulus bill also sent $150 billion to states and localities across the country. Virginia received about $3.1 billion dollars, with a separate $200 million sent directly to Fairfax County.

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