New federal budget figures are out, reflecting the economic rigors brought by COVID-19.

August 14, 2020

A report by the Congressional Budget Office (CBO) showed the deficit mushroomed to $2.8 trillion in the first 10 months of the fiscal year 2020 ($1.9 trillion more than the deficit for the same period in FY 2019). Receipts decreased by 1.3% over the same period last year.

Through March, receipts were up 6% over last year, but from April through July, they fell 10% from last year’s amount. In July, however, the CBO estimated receipts were up 124% from the previous July, “primarily because of the delayed payment deadlines for individual and corporate income taxes.”

Here’s the report: