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

handle is hein.congrec/mybtrw0001 and id is 1 raw text is: t June 8, 2020 Monthly Budget Review for May 2020 The federal budget deficit in May was $424 billion, about double the amount 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 enactment of four pieces of legislation: 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). 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 May 2020 would have been $266 billion more than the deficit last May. Budget Totals for May Billions of Dollars Estimated Change With Adjustments for Timing Shifts' Actual, Preliminary, Estimated Billions of FY 2019 FY 2Q20 Change Dollars Peircent Receipts 232 175 -58 -58 -25 Outlays 440 598 159 208 53 Surplus or Deficit( ) 208 -424 -216 -266 168 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 federal budget deficit was about $1.9 trillion in the first eight months of fiscal year 2020, CBO estimates, $1.2 trillion more than the deficit recorded during the same period last year (see Figure 1). Revenues were 11 percent lower and outlays were 30 percent higher through May of this year than during the same eight-month period in fiscal year 2019. (If not for the timing shift noted above, outlays would have been 32 percent higher.) 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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