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1 Monthly Budget Review: April 2021 1 (May 10, 2021)

handle is hein.congrec/mbgetree0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan Analysis for the US. Congress Monthly Budget Review: April 2021 May '10, 2021 The federal budget deficit was $1.9 trillion in the first seven months of fiscal year 2021, the Congressional Budget Office estimates-$449 billion more than the deficit recorded during the same period last year. Outlays were 22 percent higher and revenues were 16 percent higher from October through April than during the same period in fiscal year 2020. Most of the increases in 2021 arose from spending for refundable tax credits (particularly recovery rebates), unemployment compensation, and the Small Business Administration's Paycheck Protection Program. Largely because of the federal government's response to the coronavirus pandemic, the deficits recorded during the first seven months of both 2020 and 2021 are significantly larger than the deficit recorded during the same period in 2019, which totaled $531 billion.' Table 1. Budget Totals, October-April 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 2,043 1,845 2,143 297 297 16.1 Outlays 2 574 3,327 4,074 747 687 20.6 Deficit (-) -531 -1,481 -1,931 -449 -389 26.3 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statements for March 2021 and September 2020 and the Daily Treasury Statements for April 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 $1,871 billion from October 2020 through April 2021, CBO estimates. 1. Among the laws enacted in 2020 and 2021 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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