The 2020 fiscal year, which ended on Sept. 30, 2020 is now history. The final estimate of the federal budget deficit is $3.1 trillion, according to a Congressional Budget Office (CBO) report. That shortfall, while enormous, is $180 billion less than expected, the CBO said. For the full year, receipts fell by $44 billion and outlays soared by $2.1 trillion. Dividing the fiscal year into the months before and after the pandemic hit, the CBO states that in the pre-pandemic months, “receipts were running 6% above last year’s amounts,” driven primarily by higher wages and salaries. In the post-pandemic months, receipts fell 7% below the prior year. Here’s the report: https://bit.ly/2SNBjZx Call or visit our website for more information! www.mjscpa.com/
