The federal budget deficit was $3.1 trillion in fiscal year 2020, the Congressional Budget Office estimates. Outlays were $6.552 trillion, $2.105 trillion above those in FY 2019; a 47 percent increase. A government that has a fiscal deficit is spending beyond its means. Source: Government Expenditure Revenue Scotland 2019-20. Total Receipts, Outlays, and Deficit (in trillions of dollars). This deficit is 15.2 percent of projected GDP, the fourth-highest in recorded history after three years during World War II. Meanwhile, total revenue is $3.4 trillion, about $43 billion lower than 2019 revenue of nearly $3.5 trillion. Under President Trump’s leadership, the economy has begun an incredible comeback. Tennessee’s athletic department operated at a six-figure deficit during the 2020 fiscal year, a reflection of how the first few months of the pandemic affected revenue streams and a downturn in contributions. Department of the Treasury — Outlays for the Department of the Treasury were $1.152 trillion, $451 billion higher than the Budget estimate. A large part of the differences is attributed to the Centers for Medicare and Medicaid Service’s Accelerated and Advance Payments (AAP), which were expanded during the COVID-19 pandemic in order to increase cash flow to affected Medicare Part A and B providers and suppliers. New Delhi, Dec 31: The Union government''s fiscal deficit soared to Rs 10.75 lakh crore, or 135.1 per cent of the 2020-21 Budget Estimates (BE), at the end of November 2020… The government had pegged the fiscal deficit at ₹ 7.96 lakh crore or 3.5 per cent of the GDP in the Union Budget 2020-21, which was presented by Finance Minister Nirmala Sitharaman in February 2020. The increase in borrowing included $3.132 trillion in borrowing to finance the deficit as well as $1.084 trillion in net borrowing related to other transactions such as changes in cash balances and net disbursements for Federal credit programs. Total receipts for FY 2020 were $3.420 trillion, $286 billion lower than the Budget estimate of $3.706 trillion. Total Federal borrowing from the public increased by $4.216 trillion during FY 2020 to $21.019 trillion. The government had pegged the fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of the GDP in the Union Budget 2020-21. This intragovernmental interest is paid out of the Department of the Treasury account for interest on the public debt and has no net impact on total Federal Government outlays. Before the pandemic, the FY 2020 deficit was projected to be $1.1 trillion. Outlays for the CVF were $1.8 billion lower than estimated due to a slower-than-anticipated draw down of funds made available in prior fiscal years. The nominal decrease in receipts relative to FY 2019 can be attributed primarily to lower net individual and corporation income tax receipts and excise taxes, partially offset by higher social insurance and retirement receipts and deposits of earnings by the Federal Reserve. The difference is primarily driven by modifications to the Federal Direct Student Loan program as provided for in the CARES Act, which, among other things, automatically suspended principal and interest payments and set interest rates to zero percent on federally held student loans through September 30, 2020. Department of Health and Human Services — Outlays for the Department of Health and Human Services (HHS) in 2020 were $1.504 trillion, $182 billion higher than the 2021 President’s Budget estimate. [1] With wide data fluctuations caused by the unprecedented pandemic, the FY 2021 Mid-Session Review could not include a revised estimate of FY 2020 Gross Domestic Product (GDP), which is typically used as the base for GDP comparisons for this document. Medicaid spending was up 12 percent over 2019 due to higher enrollment and an increase in matching funds to states while Medicare spending was up over 19 percent largely due to accelerated payments to providers that will eventually be paid back. The Union government's fiscal deficit surged to Rs 10.75 lakh crore, or 135.1 per cent of the 2020-21 budget estimates (BE), at the end of November 2020, mainly on … The size of the fiscal consolidation for this year is likely to be discussed with the IMF. India’s Fiscal Deficit In 2020. Over $110 billion of spending came from the health care Provider Relief Fund, $31 billion came from Treasury funding for Federal Reserve lending facilities, $28 billion came from the aviation workers relief program, $31 billion came from increased spending in FEMA's Disaster Relief Fund, and $22 billion came from increased Supplemental Nutrition Assistance Program (SNAP) spending. Table 3 displays actual outlays by agency and major program as well as estimates from the Budget. The Central Bank of Nigeria disclosed this in its monthly economic … The majority of these outlays were for the Provider Relief Fund program, which received a total of $175 billion in funding to distribute to hospitals and other healthcare providers. The unemployment rate has declined each month since its peak in April, falling to 7.9 percent in September. For fiscal year 2022, the government plans to spend Bt3.1 trillion against projected revenue of Bt2.4 trillion, resulting in budget deficit of Bt700 billion. FEMA’s Disaster Relief Fund outlays account for the majority of this difference ($32.4 billion) due to COVID-19 disaster activity, in particular the inclusion of Lost Wage Assistance as an eligible expense. Committee for a Responsible Federal Budget, All rights reserved. The DBCC has capped the fiscal deficit to 8.9% of GDP for 2021, with gross borrowings seen to reach P3.03 trillion. The Congressional Budget Office (CBO) predicted that the COVID-19 pandemic would raise the fiscal year (FY) 2020 deficit to $3.7 trillion. “The Administration remains fully committed to supporting American workers, families, and businesses and to ensuring that our robust economic rebound continues.”, “President Trump built the best, most resilient, economy in the world with historic tax cuts, deregulation, and fair trade deals,” said OMB Director Russ Vought. Non-CARES Act Exchange Stabilization Fund outlays were $12.0 billion higher than projected in the Budget. 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