WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2022 (FY 2022) Financial Report of the U.S. Government today. The report presents the government’s current financial position and condition and discusses key financial topics and trends.
This Financial Report includes discussion and analysis of the continued effect of the federal government’s response to the COVID-19 pandemic on the government’s financial position during FY 2022. The first-ever audited Financial Report covered FY 1997, making the FY 2022 Financial Report the 26th edition of this important vehicle for federal accountability and transparency.
During fiscal year 2022, the American economy continued its historically strong recovery from the pandemic amid serious global economic headwinds, including spillovers from Russia’s illegal war against Ukraine and continued COVID-19 disruptions abroad. The FY 2022 Financial Report reflects a 50 percent decrease in the federal budget deficit and a 15 percent increase in tax and other revenue relative to the previous fiscal year. The Report also includes discussion of long-term fiscal projections.