Friday, December 10, 2021

The budget deficit in November was $193 Billion

The federal budget deficit totaled $358 billion in October and November 2021, the first two months of fiscal year 2022, the Congressional Budget Office estimates. That amount is $71 billion less than the deficit recorded during the same period last year. Revenues were 24 percent higher than during the same period in fiscal year 2021; outlays increased by 4 percent. 

The federal government incurred a deficit of $193 billion in November 2021, CBO estimates— $48 billion more than the deficit in November 2020.  CBO estimates that receipts in November 2021 totaled $281 billion—$61 billion (or 28 percent) more than those in the same month last year. Total spending in November 2021 was $474 billion, CBO estimates—$109 billion more than last year.  Payments of refundable tax credits increased by $18 billion.  https://www.cbo.gov/system/files/2021-12/57613_MBR.pdf

Total outlays for October and November were $923 billion.  If this trend continue, total spending for FY2022 will be about $5.5 trillion, which is much less than last year's $6.8 trillion.  However, the infrastructure bill will increase that number.

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