The federal budget deficit for the fiscal year that ended Sept. 30 fell to just under $1.4 trillion, a 50 percent drop from the fiscal 2021 shortfall, the Treasury Department and the Office of Management and Budget reported Friday.
The final figure would have been lower if not for President Joe Biden’s student debt relief forgiveness plans, which added over $400 billion to the tab last month.
Administration officials said the year-end results set several records.
