2022 is almost over, which makes it an excellent time to take stock of the nation’s fiscal situation. In its 2022 fiscal year, the U.S. government:
Spent $6.27 trillion
Collected $4.90 trillion in taxes
Borrowed $2.50 trillion
The first two numbers come from the U.S. Treasury Department’s final report for the federal government’s 2022 fiscal year. The third number is what you get when you subtract the U.S. government’s total public debt outstanding of $30.93 trillion on September 30, 2022, from its recorded level of $28.43 trillion one year earlier.
Why the national debt went up by so much more than the U.S. government’s budget deficit is explained here. But