The federal budget deficit was $3.1 trillion [actually $3.131 trillion] in fiscal year 2020, the Congressional Budget Office estimates. The federal government incurred a deficit of $124 billion in September 2020—compared with an $83 billion surplus in September 2019. https://www.cbo.gov/system/files/2020-10/56661-MBR.pdf
This is really bad. The government almost always has a surplus in September because it receives large amounts of taxes. This year, the revenue in September was similar to September 2019, but the spending was much greater: $496 billion of outlays compared to $291 bn in Sept 2019.
Question: has the government ever run a deficit in September before and if so, what year was the last time that happened? Well let's see:
Sept 2019 $83bn surplus
Sept 2018 $119bn surplus.
Sept 2017 $7bn surplus
Sept 2016 $33bn surplus
Sept 2015 $90bn surplus
Sept 2014 $105bn surplus
Sept 2013 $75bn surplus
Sept 2012 $75bn surplus
Sept 2011 $62bn deficit. In 2011 the government ran a deficit in every month and had a deficit for the year of $1.296tn.
When was the last monthly surplus before that? That would be Sept 2008 which had a surplus of $45 billion even though the financial crisis began that month.
So we may be looking at 3 years of deficits every single month.
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