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1 Monthly Budget Review: Summary for Fiscal Year 2020 1 (November 9, 2020)

handle is hein.congrec/cbosum0001 and id is 1 raw text is: November 9, 2020 Monthly Budget Review: Summary for Fiscal Year 2020 In fiscal year 2020, which ended on September 30, the federal budget deficit totaled $3.1 trillion-more than triple the shortfall recorded in fiscal year 2019. Much of that amount was the result of the economic effects of the novel coronavirus pandemic and the legislation enacted in response; CBO and the staff of the Joint Committee on Taxation estimated that the legislation would add $2.3 trillion to the deficit. During the first six months of 2020, the deficit totaled $0.7 trillion; it rose by $2.4 trillion in the second half of the fiscal year. The deficit in 2020 was equal to 14.9 percent of the nation's gross domestic product (GDP), up from 4.6 percent in 2019 and 3.8 percent in 2018; the deficit was the largest as a percentage of GDP since 1945. As a result of the deficit and federal borrowing for other reasons-primarily to increase the Treasury's cash balance-federal debt held by the public rose to 100.1 percent of GDP, up from 79.2 percent of GDP at the end of fiscal year 2019. Fiscal Year Totals, 2015 to 2020 Billions of Dollars 5 2 016 2017 2018 2019 2020 Receipts 3,250 3,268 3,316 3,330 3,462 3,420 Outlays 3,692 3,853 3,982 4,109 4,447 6,552 Deficit (-) Amount -442 -585 -665 -779 -984 -3132 Percentage of GDP -2.4 -3.1 -3.4 -3.8 -4.6 -14.9 Sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget. GDP = gross domestic product. In 2020, the government's revenues amounted to $3.4 trillion-$42 billion (or 1 percent) less than receipts recorded in 2019. Revenues were 16.3 percent of GDP in 2020, the same as in 2019, remaining below the average (17.3 percent) for the past 50 years. Net spending by the government was $6.6 trillion in 2020-$2.1 trillion (or 47 percent) more than in 2019. Outlays amounted to 31.2 percent of GDP in 2020, compared with 21.0 percent in 2019 and above the 50-year average of 20.6 percent. 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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