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1 1 (April 7, 2020)

handle is hein.congrec/cbomyb0001 and id is 1 raw text is: April 7, 2020 Monthly Budget Review for March 2020 The federal budget deficit was $741 billion in the first half of fiscal year 2020, the Congressional Budget Office estimates, $50 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher through March of this year-by 6 percent and 7 percent, respectively-than during the first half of fiscal year 2019. Those results were not significantly affected by the novel coronavirus pandemic or by the federal government's response to it. The budgetary effects of the pandemic's impact on economic activity and of the legislation recently enacted in response will become more noticeable in April. Budget Totals, October-March Billions of Dollars Actual, FY 2019 Preliminary, FY 2020 Estimated Change Receipts 1.507 1.604 97 Outlays 2.195 2.345 147 Deficit (-) -691 -741 -50 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for February 2020 and the Daily Treasury Statements for March 2020. FY = fiscal year. Total Receipts: Up by 6 Percent in the First Half of Fiscal Year 2020 Receipts totaled $1,604 billion during the first half of fiscal year 2020, CBO estimates-$97 billion more than during the same period last year. Payments received through March did not yet reflect the disruption of the economy stemming from the pandemic or the government's actions in response. CBO expects some revenue effects to become apparent in April because the tax-filing deadlines have been delayed until July and because provisions of Public Law 116-127 (the Families First Coronavirus Response Act) and P.L. 116-136 (the CARES Act) will result in receipts being substantially lower for the year than they were last year. The changes through March from last year to this year were as follows: * Individual income and payroll (social insurance) taxes together rose by $80 billion (or 6 percent). o Amounts withheld from workers' paychecks rose by $73 billion (or 6 percent), largely reflecting increases in wages and salaries. o Nonwithheld payments of income and payroll taxes rose by $9 billion (or 5 percent), increasing net receipts. The first quarterly payment of estimated individual income taxes in the current fiscal year was due by January 15. 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.

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