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1 Monthly Budget Review: November 2021 1 (December 8, 2021)

handle is hein.congrec/cbobreview0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan0 Anl|ysisfor the US Congpress Monthly Budget Review: November 2021 December 8,2021 The federal budget deficit totaled $358 billion in October and November 2021, the first two months of fiscal year 2022, the Congressional Budget Office estimates. That amount is $71 billion less than the deficit recorded during the same period last year. Revenues were 24 percent higher than during the same period in fiscal year 2021; outlays increased by 4 percent. Table 1. Budget Totals, October-November Billions of Dollars Actual, Preliminary, Estimated FY 2021 FY 2022 Change Receipts 457 565 107 Outlays 887 923 37 Deficit (-) -429 -358 71 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2021 and the Daily Treasury Statements for November2021. FY = fiscal year. Total Receipts: Up by 24 Percent in Fiscal Year 2022 Receipts totaled $565 billion during the first two months of fiscal year 2022, CBO estimates- $107 billion more than during the same period a year ago. The changes from last year to this year are as follows: Individual income and payroll (social insurance) taxes together rose by $96 billion (or 24 percent). * Amounts withheld from workers' paychecks rose by $82 billion (or 22 percent). That increase most likely reflects higher total wages and salaries, particularly among the relatively high-income workers who are subject to higher tax rates on earnings. Legislation enacted in response to the coronavirus pandemic caused timing shifts in the collection of payroll taxes. Most significantly, employers could choose to defer payment of their portion of certain payroll taxes on wages paid from March 27, 2020 (the date of enactment of the Coronavirus Aid, Relief, and Economic Security Act), through December 31, 2020. That provision caused some payroll taxes that had accrued last year to be paid this year. The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not sum to totals because of rounding.

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