US Federal Budget Deficit Tops $1 Trillion In First 5 Months Of Fiscal Year 2021 - CBO

WASHINGTON (Pakistan Point News / Sputnik - 09th March, 2021) The US Federal budget deficit exceeded $1 trillion in the first five months of fiscal year 2021, increasing by $423 billion more than during the same period last year, the Congressional Budget Office (CBO) said in a new report.

"Outlays were 25 percent higher and revenues were 5 percent higher from October through February than during the same period in fiscal year 2020," the report said on Monday.

For the first five months of fiscal year 2021, the total receipts reached $1.43 billion showing a 5 percent increase or $68 billion, while total outlays were $2.48 billion, an increase of 25 percent or $491 billion, compared to the same period last year in both cases, the report also said.

A major part of the increase in outlays has come as a result of efforts to mitigate the consequences of the coronavirus pandemic, including unemployment compensation (an increase of $146 billion), refundable tax credits (an increase of $123 billion), small business support (an increase of $96.5 billion) and public health (an increase of $30 billion), the report added.

According to CBO estimates, the receipts and outlays difference in February 2021 made $312 billion while January deficit was almost two times smaller making $163 billion.