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1 Monthly Budget Review: June 2021 1 (July 9, 2021)

handle is hein.congrec/cbombjne0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan Analysis for the U S Congress Monthly Budget Review: June 2021Juy921 The federal budget deficit was $2.2 trillion in the first nine months of fiscal year 2021, the Congressional Budget Office estimates-$508 billion less than the deficit recorded during the same period last year. Although outlays rose by an estimated $289 billion (or 6 percent), revenues rose more-by an estimated $797 billion (or 35 percent). Table 1. Budget Totals, October-June Billions of Dollars Estimated Change From 2020 to 2021 Actual, Actual, Preliminary, Billions of FY 2019 FY 2020 FY 2021 Dollars Percent Receipts 2,609 2,260 3,057 797 35 Outlays 3,356 5,004 5,293 289 6 Deficit (-) -747 -2,744 -2,237 508 -19 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statements for May 2021 and September 2020 and the Daily Treasury Statements for June 2021. FY = fiscal year. Outlays in the first nine months of fiscal year 2021 were almost $2 trillion more than spending during the same period two years earlier, in 2019, mostly because of 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.' Outlays in 2020 also were boosted sharply by pandemic-related spending. As a result, the deficits recorded during the first nine months of 2020 and 2021 were significantly larger than the $747 billion shortfall recorded during the same period in fiscal year 2019. By the end of this fiscal year (in September), if current laws governing taxes and spending remain unchanged, the budget deficit will reach $3.0 trillion, CBO estimates, the second largest shortfall since 1945.2 That amount is nearly $130 billion less than the deficit recorded in 2020 but triple 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). 2. For details about CBO's most recent budget projections, see Congressional Budget Office, An Update to the Budget and Economic Outlook: 2021 to 2031 (July 2021), www.cbo.gov/publication/57218. 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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