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1 Monthly Budget Review: Summary for Fiscal Year 2021 1 (November 8, 2021)

handle is hein.congrec/mnhybdgt0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan Analysis for the U S Congress Monthly Budget Review: Summary for Fiscal Year 2021 November 8, 2021 In fiscal year 2021, which ended on September 30, the federal budget deficit totaled nearly $2.8 trillion-about $360 billion less than the deficit in 2020, but nearly triple the shortfall incurred in 2019. During the past two years, deficits were much larger than they have been historically because of the economic effects of the coronavirus pandemic and legislation enacted in response.' In 2021, the deficit was equal to 12.4 percent of the nation's gross domestic product (GDP), down from 15.0 percent in 2020, but up from 4.7 percent in 2019. The 2021 deficit was the second largest as a percentage of GDP since 1945 (the largest occurred in 2020). Table 1. Totals, Fiscal Years 2016 to 2021 Billions of Dollars 2016 2017 2018 2019 2020 2021 Receipts 3,268 3,316 3,330 3,463 3,420 4,046 Outlays 3,853 3982 4,109 4447 6,552 6818 Deficit (-) Amount -585 -665 -779 -984 -3,132 -2,772 Percentage of GDP -3.2 -3.5 -3.8 -4.7 -15.0 -12.4 Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget. GDP = gross domestic product. Compared with the size of the economy, federal debt held by the public fell slightly-to 99.7 percent of GDP in 2021 from 100.3 percent of GDP at the end of fiscal year 2020. That decline occurred-despite the large deficit-because GDP increased by a larger percentage than the debt. Debt held by the public in both years was significantly higher than at the end of 2019- when it stood at 79.4 percent of GDP-primarily because of borrowing to finance the deficits. 1. Among the laws enacted in 2020 and 2021 in response to the pandemic were the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program and Health Care Enhancement 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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