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-than-expected revenues offset by new spending and technical re-estimates of healthcare and other outlays. The White House's mid-session budget review includes the impact of legislation passed since President Joe Biden's administration proposed its fiscal 2023 budget in March, including the Consolidated Appropriations Act and a supplemental spending bill to help Ukraine fight the Russian invasion.
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