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U.S. posts smallest budget deficit in two years as employment rebounds

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Reuters

(Reuters) – The U.S. government posted a $21 billion budget deficit for December 2021, the smallest monthly gap in two years as individual income tax receipts surged with increased employment, the Treasury Department said on Wednesday. The December deficit was 85% lower than the year-ago deficit of $144 billion, and was the smallest since a December 2019 deficit of $13 billion, just before the COVID-19 pandemic threw the global economy into a tailspin. December receipts grew 41% to a monthly record of $487 billion, while outlays grew 4% to a record $508 billion. For the first three months of t…

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