Monthly Budget Review: March 2021

The federal budget deficit was $1.7 trillion in the first six months of fiscal year 2021, CBO estimates-almost $1 trillion more than the deficit recorded during the same period last year.

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The federal budget deficit was $1.7 trillion in the first six months of fiscal year 2021, the Congressional Budget Office estimates-almost $1 trillion more than the deficit recorded during the same period last year. Outlays were 45 percent higher and revenues were 6 percent higher from October through March than during the same period in fiscal year 2020. Most of that difference arises from spending for three purposes, largely in response to the coronavirus pandemic: refundable tax credits, unemployment compensation, and the Small Business Administration's Paycheck Protection Program.