Wednesday, January 12, 2022

The budget deficit in December was $20 billion

 The federal government incurred a deficit of $20 billion in December 2021, CBO estimates— $123 billion less than the deficit in December 2020.  https://www.cbo.gov/system/files/2022-01/57667-MBR.pdf

Wow, that's some unexpected good news.  Why is it so low?

CBO estimates that receipts in December 2021 totaled $486 billion—$140 billion (or 41 percent) more than those in the same month last year.  Total spending in December 2021 was $507 billion, CBO estimates—$17 billion more than in the same month last year.

So taxes are higher.

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