The U.S. government budget deficit in March came in at $119 billion, according to the latest US Treasury Department Report. That’s a massive budget shortfall. But it’s actually the calm before the storm.
The March 2020 deficit came lower than the $146 billion shortfall in March 2019. But this was primarily a function of the calendar. Significant March outlays were pushed back into February. Overall, the budget deficit through the first half of fiscal 2020 stands at $744 billion, an 8 percent increase over FY2019.
Government receipts in March came in at $238 billion. That was a 3 percent increase over March 2019. Federal outlays totaled $356 billion. That was down about 5 percent year-on-year. But with calendar adjustments, the March deficit was $170 billion, compared to an adjusted deficit of $136 billion in March 2019. In other words, spending is way up overall in fiscal 2020.
And the real budget storm is on the horizon.
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