The Congressional Budget Office (CBO) has announced that the estimated federal budget deficit for the first quarter of fiscal year 2021 is $572 billion, $215 billion more than the deficit recorded during the same period in 2020. In its “Monthly Budget Review: December 2020,” the CBO reports that first-quarter receipts totaled $803 billion, which was $3 billion (or 0.4%) less than last year. Individual income tax receipts dropped by $38 billion (or 9.9%). Payroll tax receipts grew by $31 billion (or 10.7%). Withholding fell by $17 billion (or 3%). This was attributed to a decline in wages and legislation enacted in response to COVID-19. Read the full budget review here: Call or visit our website for more information!