White House revises fiscal 2022 deficit projection lower

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 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.

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.