Wednesday, June 9, 2021

The Budget Deficit for May 2021 was $132 Billion

The federal government incurred a deficit of $132 billion in May 2021, CBO estimates, compared with a $399 billion shortfall in May 2020. The federal budget deficit was $2.1 trillion in the first eight months of fiscal year 2021, the Congressional Budget Office estimates—$184 billion more than the deficit recorded during the same period last year. Revenues were up by an estimated $587 billion (or 29 percent), but outlays rose more—by an estimated $771 billion (or 20 percent).  https://www.cbo.gov/system/files/2021-06/57193-MBR.pdf

So the deficit for May 2021 is much lower than that for May 2020, but the fiscal year to date deficit is still higher than last year at this point.  There are still 4 months left in the fiscal year, and if the average deficit is $150 billion per month then the total deficit for FY 2021 will be about $2.7 trillion.

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