In July, the federal budget deficit was $211 billion, a 30% Y-o-Y decline. Over the first ten months of FY2022, which ends 9/30/22, receipts are up 24% and spending is down 18%, resulting in a $726 billion deficit, 71% lower than the $2.5 trillion last year. For FY2022, the deficit is projected to be $1 trillion, down from $2.8 trillion, a profoundly contractionary $1.8 trillion decline, or 7.3% of GDP!