The federal budget deficit reached $2.7 trillion with only month to go for fiscal year 2021, according to the latest data from the Congressional Budget Office…(CBO)
- This is $295 billion less than the deficit recorded during the same period last year.
TOTAL RECEIPTS increased by 18% to $3.58 trillion for the fiscal year to date…
- Individual income and payroll taxes together rose 14% or $376 billion.
- Corporate income taxes increased, by 77% or $125 billion.
OUTLAYS increased by 4% to $6.29 trillion for the fiscal year to date…
- Refundable tax credits saw the biggest increase at $343 billion dollars.
- Coronavirus Relief Fund spending saw the second biggest jump at $240 billion dollars.
Looking at the big three programs Medicare outlays have actually declined by $76 billion with only one month to go in fiscal year 2021.
- Medicaid outlays, on the other hand, increased by $58 billion and Social Security spending increased by $36 billion.
NOTE: The federal government in August alone was $173 billion which is down from the $301 billion we saw in July 2021. In 2020 & 2019 the August deficit was $200 billion.