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1 Monthly Budget Review for June 2020 1 (July 8, 2020)

handle is hein.congrec/mybgt0001 and id is 1 raw text is: ~July 8, 2020 Monthly Budget Review for June 2020 The federal budget deficit in June 2020 was $863 billion, compared with a deficit of $8 billion in the same month last year, CBO estimates. That increase stems from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government's response to it, including actions by the Administration and the enactment of four pieces of legislation.' Outlays by the Small Business Administration-which oversees the recently established Paycheck Protection Program-contributed significantly to the June deficit this year, accounting for almost half of the government's spending. In 2019, some federal payments were shifted from June to May because June 1 fell on a weekend; no such shift occurred this June. If not for those shifts in the timing of payments, the deficit in June 2020 would have been $805 billion more than the deficit last June, CBO estimates. Budget Totals for June Billions of Dollars Estimated Change With Adjustments for Timing Shifts' Actual, Pieliminary, Estimated Biions of FY 2019 FY 2020 Change Dollars Pecent Receipts 334 242 -92 -92 -28 Outlays 342 1,105 763 713 182 Deficit (-) -8 -563 -855 -805 nm Sources: Congressional Budget Office; Department of the Treasury. FY = fiscal year; n.m. = not meaningful. a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a weekend. The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, CBO estimates, $2.0 trillion more than the deficit recorded during the same period last year (see Figure 1). Revenues were 13 percent lower and outlays were 49 percent higher through June 2020 than during the same nine-month period in fiscal year 2019. 1. Those new laws are the Coronavirus Preparedness and Response Supplemental Appropriations Act, the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA). 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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