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

handle is hein.congrec/cbombjuly0001 and id is 1 raw text is: Congressional Budget Office Monthly Budget Review July 2021 August 9, 2021 The federal budget deficit was $2.5 trillion in the first 10 months of fiscal year 2021, the Congressional Budget Office estimates-$269 billion less than the deficit recorded during the same period last year. Although outlays rose by an estimated $225 billion (or 4 percent), revenues rose more-by an estimated $494 billion (or 17 percent). Table 1. Budget Totals, October-July Billions of Dollars Estimated Change From 2020 to 2021 With Adjustments for Timing Shifts in Outlaysa Estimated Actual, Actual, Preliminary, Change From Billions of FY 2019 FY 2020 FY 2021 2020 to 2021 Dollars Percent Receipts 2,860 2,824 3,317 494 494 17 Outlays 3727 5,631 5,856 225 222 4 Deficit (-) -867 -2,807 -2,539 269 272 -10 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statements for June 2021 and September 2020 and the Daily Treasury Statements for July 2021. FY = fiscal year. a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a weekend. If not for those shifts, the budget would have shown a deficit of $2,479 billion from October 2020 through July 2021, and a deficit of $2,750 billion from October 2019 through July 2020, CBO estimates. 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 10 months of fiscal year 2021 were over $2 trillion more than spending during the same period two years earlier, in 2019.1 Outlays in 2020 rose almost as much. As a result, the deficits recorded during the first 10 months of 2020 and 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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