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

handle is hein.congrec/mybtrev0001 and id is 1 raw text is: Congressional Budget Office Nonparti|san Ano~ysis forthe US~ Congress Monthly Budget Review: January 2021 February 8 2021 The federal budget deficit was $738 billion in the first four months of fiscal year 2021, the Congressional Budget Office estimates-$348 billion more than the deficit recorded during the same period last year. Outlays were 23 percent higher and revenues were 1 percent higher from October through January than during the same perod in fiscal year 2020. Outlays during the first four 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 February 2020, which fell on a weekend. Those shifts increased outlays through January 2020 by $55 billion. If not for those shifts, the deficit this year (through January 2021) would have been more than twice the $335 billion shortfall during the same period in fiscal year 2020. That substantial difference is largely the result of the economic disruption caused by the 2020-2021 coronavirus pandemic and the federal government's response to it. Table 1. Budget Totals, October-January 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 1,179 1,191 12 12 1 Outlays 1568 1928 360 415 27 Deficit (-) -389 -738 -348 -403 120 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for December 2020 and the Daily Treasury Statements for January 2021. FY = fiscal year. a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a holiday or weekend. If not for those shifts, the budget would have shown a deficit of $335 billion from October 2019 through January 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. } ... ... } ... } ... } ... ... } ... } ... ..,. r : }. r . . .,. r r . ..,. r : }.

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