U.S. Budget Deficit Down in January But Up So Far This Fiscal Year

• U.S. budget deficit was $22 billion in January, down from $39 billion a year ago • For the fiscal year to date, deficit is $532 billion, up from $460 billion last year • Higher receipts and spending growth drove the changes compared to last year • Interest costs are up $96 billion this fiscal year due to higher rates from the Fed • CBO projects a $1.5 trillion deficit this fiscal year, down from $1.7 trillion last year