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1 Monthly Budget Review for July 2020 1 (August 10, 2020)

handle is hein.congrec/mnlbdt0001 and id is 1 raw text is: ~August 10, 2020 Monthly Budget Review for July 2020 The federal budget deficit in July 2020 was $61 billion, CBO estimates, compared with a deficit of $120 billion in the same month last year. That decrease, following three months of substantially larger deficits, occurred because payment deadlines for individual and corporate income taxes were delayed from April and June to July, so tax receipts were unusually large this July. All told, for the period from April through July, revenues were down 10 percent from last year's amounts. A shift in the timing of certain payments had the opposite effect-increasing the deficit in July. Federal payments totaling $57 billion were made in July rather than August because August 1 fell on a weekend; no such shift occurred in July 2019. Even without those timing shifts, federal spending was much higher this July than it was last year. Outlays for unemployment compensation contributed significantly to the deficit this July, accounting for more than half of the increase in government spending (excluding the timing shifts). Budget Totals for July Billions of Dollars a.~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~ ~~~~~Wt Adjusteamutexldthefetofsiinpyments thtohriewul aebe aeon Actual, Pheliminary, Estimated Billions of e1FY 201r9 FY 2020 Change Dollars Percent Receipts 251 563 312 312 124 Outlays 371 624 253 197 53 Deficit (-) -120 -61 58 115 -96 Sources: Congressional Budget Office; Department of the Treasury. FY = fiscal year. a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a weekend. The cumulative federal budget deficit for the first 10 months of fiscal year 2020 reached $2.8 trillion, CBO estimates, $1.9 trillion more than the deficit recorded during the same period last year (see Figure 1). Revenues were 1 percent lower and outlays were 51 percent higher through July 2020 than during the same 10-month period in fiscal year 2019. 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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