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The White House revises the 2022 fiscal deficit projection below

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News Tech: WASHINGTON, Aug 23 (Reuters) – The White House on Tuesday revised down its projected fiscal 2022 deficit to $1.032 trillion, a $383 billion reduction from its budget forecast in March, reflecting stronger revenues, slightly reduced spending and some technical re-estimates of healthcare outlays.

The new forecasts, completed on June 9, do not include legislation passed since then, including a $52 billion semiconductor and research subsidy act and a $430 billion package of tax increases, health care and clean energy investments.

The White House’s mid-session budget review includes the impact of legislation passed since the President Joe Biden’s administration proposed its fiscal 2023 budget in March, including the Consolidated Appropriations Act and a $30 billion Ukraine supplemental spending bill.

RegisterReporting by David Lawder; Editing by Paul Simao

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