The Congressional Budget Office (CBO) reports that the federal budget deficit has climbed to an estimated $2.1 trillion for the first eight months of fiscal 2021. According to the CBO, outlays were an estimated $771 billion but federal revenues were $300 billion more from Jan. through June than the agency expected. The CBO attributed the increase primarily to larger-than-anticipated individual and corporate income tax payments. “The reasons for the difference will be better understood as more detailed information becomes available later this year, but may reflect stronger-than-anticipated income growth throughout 2020 and so far in 2021,” the CBO said. Read the report: https://bit.ly/3q7V0Ll Call or visit our website for more information! www.mjscpa.com/
