New numbers from the Treasury on Friday give the Biden administration something to brag about, for now: The federal budget shortfall was chopped in half in the last fiscal year (which ended last month), falling to $1.38 trillion.
Driving the news: Federal outlays were $6.3 trillion, down more than 8% from the previous year. That drop largely reflects the end of COVID-related government programs, like topped-up unemployment benefits.
