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1 Monthly Budget Review: February 2021 1 (March 8, 2021)

handle is hein.congrec/mybdgtrv0001 and id is 1 raw text is: Congressional Budget Office Nonpartisan Analysis for the US. Congress Monthly Budget Review: February 2021 March 8,2021 The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, the Congressional Budget Office estimates-$423 billion more than the deficit recorded during the same period last year. Outlays were 25 percent higher and revenues were 5 percent higher from October through February than during the same period in fiscal year 2020. Outlays during the first five months of fiscal year 2020 were boosted by shifts in the timing of certain payments that otherwise would have been due at the beginning of March 2020, which fell on a weekend. Those shifts increased outlays through February 2020 by $52 billion. If not for those shifts, the deficit this year (through February 2021) would have been $476 billion more than in the same period in fiscal year 2020. Three-quarters of that difference is the result of three types of spending in response to the coronavirus pandemic-unemployment compensation, refundable tax credits (consisting of the recovery rebates, the earned income tax credit, and the child tax credit), and the Small Business Administration's Paycheck Protection Program. Table 1. Budget Totals, October-February Billions of Dollars Estimated Change With Adjustments for Timing Shifts in Outlaysa Actual, Preliminary, Estimated Billions of FY 2020 FY 2021 Change Dollars Percent Receipts 1,367 1,434 68 68 5 Outlays 11991 2,482 491 543 28 Deficit (-) -624 -1,048 -423 -476 83 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for January 2021 and the Daily Treasury Statements for February 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 $572 billion from October 2019 through February 2020, CBO estimates. 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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