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.
Virginia’s Fiscal Year 2022 General Fund revenues finished with a $1.94 billion surplus, after finishing Fiscal Year 2021 with a $2.6 billion surplus, the largest in Virginia’s history.
“While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms that Virginians have been overtaxed for way too long,” Governor Glenn Youngkin said in a Thursday evening announcement of the 2022 surplus.