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US monthly budget deficit for November 2020
- US monthly budget deficit for November 2020 came in at $-145.5 billion vs. an estimate of $-198.5 billion
- November 2019 deficit came in at $-209 billion
- US fiscal 2021 year-to-date deficit -429 billion vs. 343 billion in fiscal 2020
- budget outlays came in at $365 billion vs. $434 billion last year
- budget receipts came in at $220 billion vs. $225 billion in 2019
The number seems a bit weird given the Covid situation.
Upon inspection from the Office of Management and budget,
According to the OMB,
Outlays in November of both years were affected by shifts in the
timing of certain federal payments that otherwise would have been due on a weekend; those shifts
decreased outlays by $63 billion in November 2020 and increased outlays by $50 billion in that month of
2019. If not for those shifts, the deficit in November 2020 would have been $209 billion, or $50 billion
more than the deficit in November 2019.
Outlays would have been $44 billion more (or 11%) more than November 2019.
The ying and yang of the payments could/should? lead to a increase next month as the timing includes the delayed payment.
Stripping out the timing of facts, the OMB estimates that:
- Outlays for unemployment compensation increased by $23 billion. That rise is attributable
both to increased regular unemployment compensation and to enhanced benefits authorized
by the CARES Act. - Medicare spending increased by $6 billion.
- Social Security benefits rose by $4 billion.
- Outlays for Medicaid rose by $4 billion.
- Net outlays for interest on the public debt decreased by $3 billion.
- Spending by the Department of Agriculture increased by $16 billion (or 43 percent), largely because of payments made to farmers under the Coronavirus Food Assistance Program to cover increased marketing costs associated with the pandemic. Spending on the Supplemental Nutrition Assistance Program also increased.
- Spending by the Department of Homeland Security was $9 billion (or 90 percent) higher than in 2020. That increase is mostly the result of spending from the Disaster Relief Fund to pay for unemployment benefits under the provisions of a memorandum issued by the Administration in August.1