The monthly federal budget deficit for December 2021 was just $21 billion–the lowest it has been since December 2019 and 85% lower than it was the prior December–as the US Treasury collected significantly more in taxes as employment increased, Reuters reports.
Receipts to the Treasury grew 41% to a monthly record of $487 billion, while outlays grew 4% to a record $508 billion. For the calendar quarter–the first quarter of the federal budget year–receipts up 31% to a record $1.052 trillion and outlays up 4% to a record $1.430 trillion, lowering the quarterly deficit by 38% over the previous year.