A Congressional Budget Office (CBO) report estimated that the first two months of fiscal year 2021 resulted in a $430 billion federal budget deficit. Compared to the same period in FY 2020, receipts fell by $14 billion and outlays rose $73 billion. Individual income tax refunds rose by 5%. “Because such payments in October and November generally represent a small percentage of the year’s total, the results for those two months are not a significant indicator of receipts for the whole fiscal year,” CBO said. A previous CBO report attributed the rising deficit to the economic disruption of COVID-19 and the federal government’s efforts to combat it. Here’s the report: http://bit.ly/3a4AtRN Call or visit our website for more information! www.mjscpa.com/
