Sunday, November 14, 2021

The Budget Deficit in October 2021 was $167 Billion

 The federal government incurred a deficit of $167 billion in October, CBO estimates, $117 billion less than the shortfall recorded in the same month last year. Revenues in October were $285 billion, $47 billion (or 20 percent) more than receipts last year, largely because payments of individual income and payroll taxes increased. Outlays this October were $70 billion (or 70 percent) less than in the same month last year.  https://www.cbo.gov/system/files/2021-11/57539-MBR.pdf

You have to do your own math here because the CBO report doesn't explain this.  If the deficit is $167 billion, and revenues are $285 billion, then outlays were $452 billion in October 2021.

Total outlays in FY 2021 were $6,818 billion or about $570 billion per month.  So spending "only" $452 billion in October is a step in the right direction.

No comments:

Post a Comment