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1 Monthly Budget Review: August 2021 1 (September 9, 2021)

handle is hein.congrec/cbomaugs0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan Analysis for the US Congress Monthly Budget Review: August 2021 September 9, 2021 The federal budget deficit was $2.7 trillion in the first 11 months of fiscal year 2021, the Congressional Budget Office estimates-$295 billion less than the deficit recorded during the same period last year. Although outlays rose by an estimated $245 billion (or 4 percent), revenues rose more-by an estimated $539 billion (or 18 percent). Table 1. Budget Totals, October-August Billions of Dollars Estimated Change From 2020 to 2021 Actual, Actual, Preliminary, Billions of FY 2019 FY 2020 FY 2021 Dollars Percent Receipts 3,088 3,047 3,586 539 18 Outlays 4,155 6,054 6,299 245 4 Deficit (-) -1,067 -3,007 -2,713 295 -10 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statements for July 2021 and September 2020 and the Daily Treasury Statements for August 2021. FY = fiscal year. Programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program-substantially boosted spending, both this year and last year.' Outlays in the first 11 months of fiscal year 2021 were about $2.1 trillion more than spending during the same period two years earlier, in 2019. Outlays in 2020 rose almost as much. As a result, the deficits recorded during the first 11 months of 2020 and 2021 were significantly larger than the $1.1 billion shortfall recorded during the same period in fiscal year 2019. In its most recent baseline projections, CBO estimated that if current laws governing taxes and spending remained unchanged, the 2021 budget deficit would reach $3.0 trillion, the second 1. Among the laws enacted in 2020 and 2021 in response to the pandemic were the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021 (CAA), and the American Rescue Plan Act of 2021 (ARPA). 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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