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1 Monthly Budget Review: May 2021 1 (June 8, 2021)

handle is hein.congrec/cbommay0001 and id is 1 raw text is: Congressional Budget Office Monthly Budget Review: May 202 June 8, 2021 The federal budget deficit was $2.1 trillion in the first eight months of fiscal year 2021, the Congressional Budget Office estimates-$184 billion more than the deficit recorded during the same period last year. Revenues were up by an estimated $587 billion (or 29 percent), but outlays rose more-by an estimated $771 billion (or 20 percent). Federal revenues were nearly $300 billion more from January through May 2021 than CBO expected when it made its full-year projections earlier this year.' That increase stems mainly from larger-than-anticipated payments of individual and corporate income taxes, reflecting economic activity in calendar years 2020 and 2021. Specifically, estimated and final payments for individual and corporate income taxes for 2020 were larger and individual refunds were smaller than anticipated. Withholding for 2021 individual income taxes also has been greater than CBO expected. The reasons for the difference will be better understood as more detailed information becomes available later this year, but may reflect stronger-than-anticipated income growth throughout 2020 and so far in 2021. Table 1. Budget Totals, October-May Billions of Dollars Estimated Change From 2020 to 2021 Actual, Actual, Preliminary, Billions of FY 2019 FY 2020 FY 2021 Dollars Percent Receipts 2,275 2,019 2,606 587 29 Outlays 3014 3,899 4,671 771 20 Deficit (-) -739 -1,880 -2,064 -184 10 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statements for April 2021 and September 2020 and the Daily Treasury Statements for May 2021. FY = fiscal year. Most of the increase in outlays in the first eight months of the fiscal year arose from laws enacted in response to the coronavirus pandemic, notably for refundable tax credits (particularly the recovery rebates), unemployment compensation, and the Small Business Administration's 1. See Congressional Budget Office, The Budget and Economic Outlook: 2021 to 2031 (February 2021), www.cbo.gov/publication/56970. 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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