How has the COVID-19 pandemic affected the U.S. federal budget? Estimates of the effects were outlined in a recent letter from the Congressional Budget Office (CBO) to Sen. Rick Scott (R-FL), a member of the Senate Budget Committee. Some of the deferred revenue “will be collected in July, some will be collected in later years, and some will be permanently lost,” CBO said. The delays are estimated to reduce tax revenue by $200 billion in 2020, though in the long-term the loss may be $12 billion. Absent “significant additional emergency funding” the CBO projects the fiscal year 2020 federal deficit will be $3.7 trillion and $2.1 trillion for FY 2021. Here’s the letter: https://bit.ly/37kosoc Call or visit our website for more information! www.mjscpa.com/
