New federal budget figures are out, projecting $3.3 trillion deficit for fiscal year 2020. A report by the Congressional Budget Office (CBO) said that’s more than triple the shortfall recorded in 2019. At 16% of the gross domestic product, it represents the largest deficit since 1945. “That increase is mostly the result of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response,” CBO said. Not surprisingly, federal outlays rose significantly while revenues fell, “largely from lower collections of individual and corporate income taxes.” Revenues after 2021 are projected to rebound. Here’s the CBO report: https://bit.ly/3bG96g0 Call or visit our website for more information! www.mjscpa.com/
