quote:

The annual budget shortfall totaled $1.37 trillion, compared to $2.77 trillion in the previous fiscal year, the Treasury Department said Friday. That’s due in part to record high tax receipts, which jumped last year thanks to a strong economy that drew more people into the labor market, pushing up the amount the government collected in individual and corporate taxes. Federal spending also declined, as fewer people collected jobless benefits and other pandemic-related programs wound down.
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*Federal spending fell by $550 billion, an 8 percent decline from the previous fiscal year ... Tax receipts jumped by a whopping $850 billion to $4.9 trillion, a 21 percent increase from last year. ...*