The federal budget deficit for calendar year 2022 totaled $1.42 trillion, according to data released Thursday by the Treasury Department.
Treasury’s monthly report showed that the deficit for December jumped from $21 billion last year to $85 billion in 2022, a new record for the month. Receipts for the month fell by 7% from a year earlier to $455 billion. Outlays, meanwhile, grew by 6% to $540 billion.
Net interest costs for December came to $54 billion. From October through December, the first three months of fiscal year 2023, net interest costs totaled $144 billion, up from about $102 billion the prior year.
The deficit for those three months rose by 12% over the same period in 2022 to reach $421 billion — or more than $4 billion a day.