WASHINGTON (Reuters) – The White House on Tuesday lowered its projected fiscal deficit 2022 to $1.032 trillion, A decrease of 383 billion dollars from the March budget forecast reflects higher revenue, slightly lower spending, and some technical re-estimation of health care spending.
The White House’s in-session budget review includes passages since President Joe Biden’s administration presented its fiscal 2023 budget in March impact of legislation, including the Consolidated Appropriations Act and a 30 Billion Dollar Supplementary Expenditure Bill for Ukraine.
The new forecast, completed June 9, excludes legislation passed since then, including a 032 billion dollar semiconductor and Research subsidy bill and 032 billion dollar package of tax increases, health care and clean energy investments.
