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1 Monthly Budget Review for November 2020 1 (December 8, 2020)

handle is hein.congrec/mybtrwfrnv0001 and id is 1 raw text is: t - December 8, 2020 Monthly Budget Review for November 2020 The federal budget deficit totaled $430 billion in October and November 2020, the first two months of fiscal year 2021, the Congressional Budget Office estimates. That amount is $87 billion more than the deficit recorded during the same period last year. Outlays were higher by 9 percent, and revenues were lower by 3 percent, than in October and November 2019. Because December 1, 2019, fell on a weekend, outlays through November in that year were boosted by the shift of certain payments from December to November. If not for those timing shifts, outlays so far this year would have been $123 billion greater than those in the same period last year, and the deficit would have risen more-by $136 billion. Budget Totals, October-November Billions of Dollars Actual, Preliminary, Estimated FY 2020 FY 2021 Change Receipts 471 457 -14 Outlays 814 887 73 Deficit (-) -343 -430 -87 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2020 and the Daily Treasury Statements for November 2020. FY = fiscal year. Total Receipts Down by 3 Percent in the First Two Months of Fiscal Year 2021 Receipts totaled $457 billion during the first two months of fiscal year 2021, CBO estimates-$14 billion less than during the same period last year. The changes between last year and this year were as follows: * Individual income and payroll (social insurance) taxes together fell by $15 billion (or 4 percent). o Amounts withheld from workers' paychecks fell by $20 billion (or 5 percent) because of a decline in wages and because of legislative actions taken in response to the coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows most employers to defer payment of their portion of the Social Security payroll tax and certain Railroad Retirement taxes on wages paid from March 27, 2020, through December 31, 2020. In addition, the Families First Coronavirus Response Act provides refundable credits against payroll taxes to compensate employers for paid sick leave and for family and medical leave; the CARES Act provides a refundable credit against payroll taxes for employee retention. 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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