the numbers the us federal budget deficit fell to 137 trillion in the justended fiscal year the treasury department said friday half the amount of last years shortfall key details the treasury said the deficit fell by 14 trillion in fiscal 2022 the largest oneyear decrease on record surging tax receipts totaling 49 trillion helped cut the deficit as did falling outlays spending was 63 trillion for the fiscal year a drop of 81 that partly reflects reductions in covidrelated spending the deficit would have been lower had student loan cancelation costs not been included president joe biden in august announced 10000 in federal debt cancelation for those with incomes less than 125000 a year or households making less than 250000 those who received federal pell grants are eligible for extra forgiveness the loancancelation costs contributed to a 562 increase in the monthly deficit for september the governments fiscal year runs october through september big picture treasury secretary janet yellen said in a statement that the report provides further evidence of our historic economic recovery driven by our vaccination effort and the american rescue plan meanwhile a budget watchdog said the figure was no cause for celebration we borrowed 14 trillion last year that is not an accomplishment  its a reminder of how precarious our fiscal situation remains said maya macguineas president of the committee for a responsible federal budget