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Federal deficit soars to $3.1 trillion


This news story was published on October 17, 2020.
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WASHINGTON, D.C. – Year-end data from the September 2020 Monthly Treasury Statement of Receipts and Outlays of the United States Government show that the deficit for FY 2020 was $3.1 trillion; $2.1 trillion higher than the prior year’s deficit. The FY 2020 deficit was $2.0 trillion higher than the estimate of $1.1 trillion in the FY 2021 Budget published in February.

A surge in government spending in an attempt to brunt the damage from the coronavirus pandemic is partly to blame for the record deficit. The previous record of $1.4 trillion was set in 2009.

Total Federal borrowing from the public increased by $4.216 trillion during FY 2020 to $21.019 trillion.  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.  This net decrease in receipts was the net effect of lower-than-estimated collections of individual income taxes, corporation income taxes, and customs duties, excise taxes, estate and gift taxes, social insurance and retirement receipts, and other miscellaneous receipts, partially offset by higher-than-estimated collections for deposits of earnings by the Federal Reserve.

  • Individual income taxes were $1.609 trillion, $203 billion lower than the Budget estimate.  This difference was the net effect of lower withheld payments of individual income tax liability of $158.1 billion, lower nonwithheld payments of $68.8 billion, and lower-than-estimated refunds of $23.6 billion.
  • Corporation income taxes were $211.8 billion, $51.8 billion below the Budget estimate.   This difference was the effect of lower-than-expected payments of corporation income tax liability of $40.7 billion and higher-than-estimated refunds of $11.1 billion.
  • Social insurance and retirement receipts were $1.310 trillion, $2.1 billion lower than the Budget estimate.
  • Excise taxes were $86.8 billion, $7.8 billion below the Budget estimate.
  • Estate and gift taxes were $17.6 billion, $2.8 billion below the Budget estimate.
  • Customs duties were $68.6 billion, $23.8 billion below the Budget estimate.
  • Miscellaneous receipts were $116.5 billion, $5.2 billion above the Budget estimate.   This was the net effect of lower-than-expected collections of various fees, penalties, forfeitures, and fines of $4.0 billion; offset by higher-than-expected deposits of earnings by the Federal Reserve System of $9.2 billion, largely due to lower short-term interest rates and higher earnings as they have increased their asset holdings in response to COVID-19.

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18 Responses to Federal deficit soars to $3.1 trillion

  1. Avatar

    Anonymous Reply Report comment

    October 22, 2020 at 7:24 am

    VOTE RED, VOTE TRUMP!!!!

  2. Avatar

    Anonymous Reply Report comment

    October 22, 2020 at 7:22 am

    VOTE RED, VOTE TRUMP!!!

  3. Avatar

    Anonymous Reply Report comment

    October 20, 2020 at 12:00 pm

    Still waiting for the pimp to post the Biden corruption story.

    • Avatar

      Hunter Reply Report comment

      October 20, 2020 at 9:25 pm

      good luck on that

    • Avatar

      Anonymous Reply Report comment

      October 21, 2020 at 1:26 pm

      Told you once but you deleted it. We are supposed to believe that Hunter who lived in California at the time, flew all the way across the country to drop off 3 computers at a repair shop and doesn’t leave any contact information, Somehow Rudy G gets wind of this info and goes to Delaware and gets the computers. The computer repair guy is legally blind and often posts QAnon stories on his FB page. Sounds all legit to me.

      • Avatar

        Anonymous Reply Report comment

        October 22, 2020 at 7:23 am

        Anybody voting for Biden isn’t very smart In the first place..

  4. Avatar

    Anonymous Reply Report comment

    October 19, 2020 at 10:14 pm

    The federal debt is the total amount of money that the federal government owes, either to its investors or to itself. At the end of fiscal year 2019, the total federal debt was $22.8 trillion dollars.

  5. Avatar

    Anonymous Reply Report comment

    October 19, 2020 at 12:39 pm

    $3.1 trillion. Biggest deficit ever. Obama never had a deficit like this. Awesome.

  6. Avatar

    Anonymous Reply Report comment

    October 19, 2020 at 11:16 am

    Our current President(if that’s what you want to call him) doesn’t know what the words MAGA even mean – or have the smarts to make it a reality. When you can’t run your own business, how can you run a country? He’s not the smartest – Go with Joe – someone who cares and doesn’t think of himself – for the people – Go with Joe ! Dump Trump

    • Avatar

      Anonymous Reply Report comment

      October 22, 2020 at 7:24 am

      Bad ideas thrive in the Democratic Party..

  7. Avatar

    Anonymous Reply Report comment

    October 18, 2020 at 8:27 pm

    Just who do you say America owes this money?

    • Avatar

      Anonymous Reply Report comment

      October 18, 2020 at 10:21 pm

      We owe 1.1 trillion to China; we owe other countries and foreign investors (banks, holding companies, individuals)and the taxpayers of the US. We owe American companies and banks. We just keep spending without paying anything back. Bankruptcy is just around the corner. Trump knows it. He is an expert in bankruptcies and skirting the tax laws. He will be fine.

      • Avatar

        Anonymous Reply Report comment

        October 18, 2020 at 10:47 pm

        You really think our government is going to pay China? You’re a fool.

        • Avatar

          Anonymous Reply Report comment

          October 18, 2020 at 11:05 pm

          Yes, I do think we will pay China. If we don’t, they cut off trading with us.

          • Avatar

            Anonymous

            October 20, 2020 at 12:02 pm

            That is exactly what America needs. You’re a joke.

          • Avatar

            Anonymous

            October 20, 2020 at 9:56 pm

            You are wrong. In 2017 we exported more than $50 billion to China in products made here. Who will we sell those goods to? That is about 40% of our total exports. Soybean exports to China which are pretty dam important to Iowans (except Joni who doesn’t know the break even price) were 1/3 of what they were last year. We can’t afford to break ties with China besides if we did, and didn’t repay what we owe them, then nobody else in this world will want to trade with us either. You trumpers think only about today with a passing thought for tomorrow. Look what you are doing to this world.

  8. Avatar

    Anonymous Reply Report comment

    October 17, 2020 at 1:37 pm

    MAGA