The Congressional Budget Office (CBO) has reported a fiscal year 2020 federal budget deficit of $3.1 trillion.

November 18, 2020

This is more than triple the shortfall recorded in FY 2019. “Much of that amount was the result of the economic effects of the novel coronavirus pandemic and the legislation enacted in response,” the CBO said. Other numbers from the report: In 2020, revenues amounted to $3.4 trillion, which was $42 billion (or 1%) less than receipts recorded in 2019. Also, receipts from individual income taxes fell by $109 billion (or 6%). This marked a decline from 8.1% of GDP in 2019 to 7.7% in 2020, dropping below the average of 7.9% for the past 50 years.

Read the report: https://bit.ly/3nxkmzL