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1 Monthly Budget Review: December 2020 1 (January 11, 2021)

handle is hein.congrec/mnybdtrvw0001 and id is 1 raw text is: Congressional Budget Office Monthly Budget Review:, December 2020 January 11, 2021 The federal budget deficit was $572 billion in the first quarter of fiscal year 2021, the Congressional Budget Office estimates-$215 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were 18 percent higher from October through December than during the same perod in fiscal year 2020. As was the case in fiscal year 2020, outlays increased in the first quarter of 2021 because certain payments that otherwise would have been due on January 1, a holiday, were instead made in December. In addition, unlike last year, certain payments, totaling $24 billion, that normally are made on the third of the month were shifted from January 2021 into December 2020 because January 3 fell on a Sunday. If not for those shifts, the first-quarter deficit (through December 2020) would have been $525 billion, or $191 billion more than the first-quarter deficit of $334 billion in fiscal year 2020. Table 1. Budget Totals, October-December Billions of Dollars Actual, Preliminary, Estimated FY2020 FY2021 Change Receipts 807 803 -3 Outlays 1163 1,375 212 Deficit (-) -357 -572 -215 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November 2020 and the Daily Treasury Statements for December 2020. FY = fiscal year. Total Receipts: Little Changed in the First Three Months of Fiscal Year 2021 Receipts totaled $803 billion during the first three months of fiscal year 2021, CBO estimates- $3 billion (or 0.4 percent) less than during the same period last year. Changes between last year and this year are described below. 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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