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1 Monthly Budget Review for September 2020 1 (October 8, 2020)

handle is hein.congrec/cbombud0001 and id is 1 raw text is: October 8, 2020 Monthly Budget Review for September 2020 The federal budget deficit was $3.1 trillion in fiscal year 2020, the Congressional Budget Office estimates. CBO's estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2020 later this month. Relative to the size of the economy, the deficit-at an estimated 15.2 percent of gross domestic product (GDP)-was the largest since 1945, and 2020 was the fifth consecutive year in which the deficit increased as a percentage of GDP. The estimated deficit is more than triple the shortfall recorded in fiscal year 2019. Revenues were 1 percent lower and outlays were 47 percent higher in 2020 than they were in 2019, CBO estimates. The deficit of $3.1 trillion is $180 billion smaller than the shortfall that CBO projected in September.1 Revenues were $123 billion more and outlays were $56 billion less than projected, according to CBO's estimates.* Fiscal Year Totals Billions of Dollars Actual. Preliminary Estimated FY 2019 FY 2020 Change Receipts 3,462 3,419 -44 Outlays 4 447 6.550 2 103 Deficit (-) -984 -3,131 -2,147 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for August 2020 and the Daily Treasury Statements for September 2020. FY = fiscal year. Revenue collections and outlays in fiscal year 2020 can be divided into two periods: before and after the start of the economic disruption caused by the novel coronavirus pandemic. For the first six months, the 2020 deficit was about 8 percent larger than the 2019 shortfall. But for the final six months, from April through September, the deficit in 2020 was eight times the deficit in the same period the previous year. 1. See Congressional Budget Office, An Update to the Budget Outlook: 2020 to 2030 (September 2020), www.cbo.gov/publication/56517. Note: 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. *On October 9, 2020, CBO reposted this report to correct a value.

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