Outlays for the Public Health and Social Services Emergency Fund (PHSSEF) were higher than expected (approximately $107 billion above the President’s Budget), primarily due to enacted legislation in response to the COVID-19 public health emergency. Previously, in the government’s Budget 2020, the fiscal deficit for the year was initially projected to stand at 3.2 per cent of the GDP, compared to 3.4 per cent in 2019. However, it will contribute to high debt that will stay with us long after the crisis. The central government's fiscal deficit is likely to reach 7.7 per cent of GDP from 4.6 per cent in financial year 2019-2020. CARES Act programs administered by Treasury accounted for $472.3 billion in higher-than-projected net outlays, driven by amounts for Economic Impact Payments, the Coronavirus Relief Fund, outlays from the Exchange Stabilization Fund’s Economic Stabilization Fund Program and the Air Carrier Worker Support (also known as the Payroll Support Program). The Coronavirus Response & Relief Supplemental Appropriations Act has been passed by Congress and awaits the President's signature. The Treasury Department released its final Monthly Treasury Statement for Fiscal Year (FY) 2020, showing a record $3.1 trillion deficit for the year and debt held by the public at over $21 trillion. Other areas of spending increased by about $430 billion, or one-third, largely due to COVID relief programs. The Fiscal Response to COVID-19 Will be Larger than the Great Recession Response, Upcoming Congressional Fiscal Policy Deadlines, Policymakers Should Avoid Austerity in Addressing the Debt, 2021 Deficit On Course to Hit $2.3 Trillion, Now's Not the Time to Raid the Pell Surplus, Small Business Administration (mostly PPP). By contrast, other sources of revenue are actually up by 7 percent entirely due to higher Federal Reserve remittances from its balance sheet expansion. (Interest received from credit financing accounts is reported in Treasury’s aggregate offsetting receipts.). Department of the Treasury — Outlays for the Department of the Treasury were $1.152 trillion, $451 billion higher than the Budget estimate. Pandemic Emergency Unemployment Compensation provides an additional 13 weeks of benefits on top of regular benefits, which last for 26 weeks in most States, until the end of December 2020. For the VCF, outlays were $0.7 billion below anticipated levels due to lower-than-projected victim payments out of the account. The Treasury ran a primary deficit of ARS 307.6 billion in December, from a deficit … Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (Public Law 116-123); Families First Coronavirus Response Act (FFCRA, Public Law 116-127); Coronavirus Aid, Relief, and Economic Security Act (CARES Act, Public Law 116-136); and the. with an initial fiscal deficit of 15% of GDP. 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, mainly on … The Office of the Secretary received a CARES Act appropriation of $9.5 billion plus administrative transfers of $20.5 billion from the Commodity Credit Corporation (CCC) for this program, and the net $9 billion in outlays from this supplemental funding were not included in the Budget estimate. The remainder is due to less-than-projected outlays in other accounts. India's government had projected a fiscal deficit of 3.5% of GDP for the current year last February. [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. Updated 1/12/2021: In late December, lawmakers enacted a combined omnibus appropriations bill and COVID-19 relief package. Lawmakers will need a plan to bring deficits down after the crisis ends and the economy recovers. Capital expenditure is incurred to create long-term assets such as factories, buildings and other development. The increase in the deficit from FY 2019 reflects the effect of COVID-19 on the economy and legislation that created or enhanced programs to protect public health and support hard-hit industries, small businesses, and American individuals and families. Department of Transportation — Outlays for the Department of Transportation (DOT) were $100.3 billion, $15.7 billion higher than the Budget estimate. This difference is largely due to Foreign Military Financing grant outlays, which were $2.4 billion lower than projected, in part to account for the time required to meet congressional pre-obligation requirements. While the government had to increase spending occasionally to keep the economy from going totally haywire, it had also attempted to cut spending whenever possible. International Assistance Programs — Outlays for International Assistance Programs were $21.7 billion, $4.0 billion lower than the Budget estimate. A government that has a fiscal deficit is spending beyond its means. Centre's fiscal deficit is expected to touch 7 per cent of the GDP in 2020-21, against budget estimates of 3.5 per cent, Brickwork Ratings said on Saturday. Numbers may not add up due to rounding. Best Music Of 2020 Music News ... but the pandemic quickly transformed that into a $54 billion deficit. Approximately $31.2 billion of the difference is driven by the Federal Emergency Management Agency (FEMA). Last modified on Thu 27 Aug 2020 06.01 EDT. “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. A fiscal deficit is a shortfall in a government's income compared with its spending. Employment will continue to improve as states reopen businesses and lift social distancing orders. Total Receipts, Outlays, and Deficit (in trillions of dollars). In addition to these modifications, the CARES Act also appropriated $31 billion dollars, split into three emergency relief funds for K-12 schools and institutions of higher education. Deficit measure is the Net Fiscal Balance including a geographic share of North Sea revenues for Scotland. Spending is 31.7 percent of GDP, also the fourth-highest total in recorded history after three years during World War II. Net outlays for intragovernmental interest transactions with non-budgetary credit financing accounts were $9.3 billion higher than projected, including $11.4 billion in higher-than-projected interest paid to credit financing accounts, partly offset by $2.0 billion higher-than-anticipated receipts of interest from credit financing accounts. Undistributed Offsetting Receipts — Undistributed Offsetting Receipts were -$241.6 billion, $13.2 billion higher than the Budget estimate (lower net collections). 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 … India's fiscal deficit for year ending in March is likely to be over 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of COVID-19. 2020 budget deficit projected at £394bn As far as the deficit is concerned, the government borrowing requirement is projected at £394bn for 2020/21, equivalent to 19% … The country's fiscal deficit has reached its widest since the 1980s because of the Covid-19 crisis. Source: Government Expenditure Revenue Scotland 2019-20. The Central Bank of Nigeria disclosed this in its monthly economic … Top Searches. Corporate income taxes are down by 8 percent, both due to a drop in profits and temporary tax cuts like expanding the net operating loss deduction. The difference was driven by higher medical care spending for costs related to the COVID-19 pandemic, which was partially offset by lower outlays in the benefits and other programs. An upward modification of $1.0 billion was also recorded for the final regulation on Total and Permanent Disability Discharge of Loans for Veterans. Total receipts were $42 billion lower than in FY 2019, a decrease of 1 percent. Meanwhile, interest spending fell by over 8 percent due to interest rates falling during the crisis. In accordance to a recent investigate report by Barclays, Budget 2021 will concentration on the […] For 2023, spending will be Bt3.2 trillion against Bt2.49 trillion revenue, while for 2024 it is Bt3.31 trillion against 2.62 trillion revenue, and in 2025, Bt3.42 trillion against revenue of 2.75 trillion. CBO’s estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the … President Donald Trump took bold and swift action to protect public health from the effects of the unprecedented pandemic, signing into law four major pieces of legislation that address the health and economic effects of COVID-19. Based on CBO's fiscal year Gross Domestic Product (GDP) projection, debt exceeded the size of the economy, totaling 102 percent of GDP. Loan Apps. The difference in outlays is associated with the COVID-19 economic relief programs to support small businesses created by the CARES Act and PPPHCE Act, including the Paycheck Protection Program to provide forgivable low-cost loans to businesses that keep their workers on payroll; the Economic Injury Disaster Loans program to provide low interest loans to small businesses and private non-profit organizations; Economic Injury Disaster Loan Advances; and Debt Relief payments to provide six months of principal and interest payments for eligible SBA loans. Figure 1 presents outlays by month and shows the increase in outlays in the second half of the year following the enactment of legislation to address the COVID-19 pandemic. The majority of this difference is attributable to outlays in the Supplemental Nutrition Assistance Program (SNAP) being $20.1 billion higher than estimated in the Budget due to increased participation, the issuance of supplemental emergency allotments due to the COVID-19 pandemic, and the issuance of Pandemic-EBT benefits, newly authorized in the FFCRA. The fiscal deficit of GDP will be about 5% lower than government’s revised forecast of 12.2%. The Congressional Budget Office (CBO) predicted that the COVID-19 pandemic would raise the fiscal year (FY) 2020 deficit to $3.7 trillion. If the fiscal deficit closed by 1.5% of GDP each year, total debt would peak at 73% of GDP in 2032–33 and fall thereafter, assuming Welsh GDP would continue growing in line with current UK forecasts. government deficit target of 2.8% of GDP by 2022.4 That target was largely consistent with Romania’s Fiscal Strategy 2020-2022, adopted by Parliament and promulgated into law on 18 December 2019. The difference is largely due to the $16.1 billion of outlays from the $36.1 billion of supplemental funding provided to DOT by the CARES Act that were not part of the original estimate. Social Security spending grew by 5 percent and military spending grew by nearly 6 percent due to built-in growth from non-COVID factors. In April 2020, SNAP served 43 million people, 5.6 million more than in April 2019, and 5.9 million more than projected. Gross outlays for Medicare’s Hospital Insurance (HI) and Supplementary Medical Insurance (SMI) trust funds were $410.4 billion and $422.2 billion, respectively $60.2 billion and $19.8 billion higher than the Budget estimates. The deficit has widened to the biggest figure since the 1980s because of the economic crisis caused by the Covid-19 pandemic, even though the amount of government aid handed out is NIS 11 billion below the planned sum. Levels of unemployment were significantly higher than the levels assumed in the Budget. Presenting her … The FY 2020 numbers show the necessary deficit increase that policymakers undertook to respond to the current crisis. This pushed the country’s debt stock to 53.5% of GDP at the end of 2020, surging from the record low 39.6% in 2019 but lower than the projected 53.9% level for the full year. Department of Justice — Outlays for the Department of Justice were $39.6 billion, $5.7 billion lower than the Budget estimate. This increase is attributable primarily to higher outlays for Unemployment Insurance (UI) resulting from the COVID-19 public health emergency’s effects on the economy. 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. 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. JAKARTA, Jan 6 (Reuters) - Indonesia’s fiscal deficit in 2020 is estimated at 6.09% of gross domestic products (GDP) based on unaudited state budget realisation, Finance Minister Sri … Finally, in the Rural Electrification and Telecommunications Liquidating Account, outlays were $3.5 billion higher than the Budget estimate due to higher-than-anticipated prepayments from borrowers electing to use their cushion of credit accounts to repay rural utilities service debt. 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… Of the amount appropriated, approximately $11 billion outlayed in FY 2020. Budget 2021: The government is expected to prioritize reviving economic growthBudget 2021: The budget assumes major significance this year     The largest prior deficit, $1.4 trillion, occurred in FY 2009. In absolute terms, the fiscal deficit stood at Rs 10,75,507 crore at the end of November 2020, according to the latest data released by the Controller General of Accounts (CGA). “While the fiscal deficit would remain above 3 per cent of GDP for the next few years, the path to fiscal consolidation would be watched closely,” the report said. Department of Labor — Outlays for the Department of Labor were $477.5 billion, $441.1 billion higher than the Budget estimate. Costa Rica closed 2020 with a fiscal deficit of 8.3% of GDP, the highest in recent decades although lower than the official projection, the government announced Monday. The Central Bank of Nigeria disclosed this in its monthly economic … India's fiscal deficit for year ending in March is likely to be over 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of COVID-19. “As the country continues to open up and this Administration pursues its pro-growth agenda, our economy will continue its robust recovery, sending Americans back to work and improving our fiscal picture.”. Those increases led to outlays that exceeded Budget expectations for several agencies and major programs. The Treasury Department released its final Monthly Treasury Statement for Fiscal Year (FY) 2020, showing a record $3.1 trillion deficit for the year and debt held by the public at over $21 trillion. In addition, Foreign Military Sales net outlays were lower than expected due to higher-than-anticipated receipts received from foreign governments for weapons purchases. CBO expects it to fall next year under current law to 15.5 percent, though it's not clear if the higher-than-expected revenue this year would affect next year's projection. The fiscal deficit at the end of November 2019 had stood at 114.8 per cent of 2019-20 BE. The difference is predominately due to large changes in the: (1) Crime Victims Fund (CVF); (2) State and Local Law Enforcement Assistance (SLLEA) account; (3) the 9/11 Victims Compensation Fund (VCF); and (4) the Asset Forfeiture Program (AFP). Finances 2021: The government is anticipated to prioritize reviving economic expansion Spending plan 2021: The price range assumes major significance this 12 months as the government will present a single that has to deal with the financial fallout amid the COVID-19 pandemic. Note: Detail may not add to totals due to rounding. Under the AAP, these higher outlays will be largely offset by lower provider and supplier payments in the future as advances are repaid. Additional modifications were recorded to reflect the August 8th Presidential Memorandum that continued the CARES Act suspension of payments and the waiver of all interest on federally held student loans through December 31, 2020—this relief for borrowers resulted in an upward modification cost of $13.4 billion in the Direct Loan program. “In this fiscal, revenue deficit of States would contribute 70% of GFD, sharply higher than the average 15% seen over the past five fiscals,” he said. Pandemic Unemployment Assistance provides benefits for the self-employed and “gig workers,” among other groups, available through December 31, 2020. Finance Minister Elian Villegas indicated that an effort to contain expenses allowed the deficit to be almost one percentage point lower than the 9.2% of GDP projected by the Central Bank. Refundable corporate tax credits outlays were also $9.4 billion higher than projected, while outlays for the Refundable Premium Tax Credit were $2.9 billion higher than anticipated. 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. 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. India's government had projected a fiscal deficit of 3.5% of GDP for the current year last February. The $1,200 rebates issued earlier this year cost $275 billion. The Federal Government recorded a fiscal deficit of N451.22bn in October 2020. The Congressional Budget Office (CBO) projects that this deficit for 2020 will be 16% of U.S. gross domestic product (GDP), which is the largest it's been since 1945. Revenue is down for income and payroll taxes, both because of the crisis itself and the policy response. 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. The economy remains weak and may be headed for a double-dip recession this winter. 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 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. A fiscal deficit is a shortfall in a government's income compared with its spending. Outlays for Medicaid were $11.2 billion above the President’s Budget estimate, primarily driven by higher-than-anticipated enrollment and benefits spending due to enacted legislation and the COVID-19 public health emergency response, which included a temporary increase to the Medicaid Federal match rate. Outlays for the Veterans Health Administration were $9.2 billion above the Budget estimate primarily due to spending related to the pandemic, for care provided both in VA facilities and in the community. Outlays by the SLLEA were $0.8 billion lower than anticipated in the President’s Budget partially due to ongoing litigation. Under President Trump’s leadership, the economy has begun an incredible comeback. The largest changes in outlays from the Budget were in the following areas: Department of Agriculture — Outlays for the Department of Agriculture were $184.2 billion in FY 2020, $29.6 billion more than the Budget estimate. The 2020 deficit of $3.1 trillion easily surpassed the previous record in dollars of $1.4 trillion in 2009 and more than tripled the previous year's deficit of $984 billion. Meanwhile, total revenue is $3.4 trillion, about $43 billion lower than 2019 revenue of nearly $3.5 trillion. Capital expenditure is incurred to create long-term assets such as factories, buildings and other development. The net fiscal deficit is the gross fiscal deficit less net lending of the Central government. Israel ended 2020 with a fiscal deficit of 11.7% of GDP, or NIS 160.3 billion, up from 11.1% at the end of November, the Ministry of Finance reports. Chapter 2 of the October 2020 Fiscal Monitor discusses how public investment can contribute to the recovery, create jobs, and strengthen resilience to future crises. Such fiscal consolidation usually has negative effects on a country’s Interest received by trust funds was $10.4 billion higher than the Budget estimate. Israel ended 2020 with a fiscal deficit of 11.7% of GDP, or NIS 160.3 billion, up from 11.1% at the end of November, the Ministry of Finance reports. The unemployment rate has declined each month since its peak in April, falling to 7.9 percent in September. This update had a small impact on deficit (ranging between negative £0.1 billion and positive £0.2 billion each quarter from 1997 to date) but no impact on debt. Interest on the public debt, which is paid to the public and to trust funds and other Government accounts, was $53.8 billion lower than the Budget estimate. The Federal deficit is forecast to be 4.6% of GDP in fiscal 2020 while the economy’s real growth rate is a projected to be 2.2%. Unemployment spending totaled $476 billion, up from just $32 billion last year due to unemployment benefit expansions and higher unemployment. Committee for a Responsible Federal Budget, All rights reserved. Department of Homeland Security — Outlays for the Department of Homeland Security were $92.0 billion, $29.8 billion higher than the Budget estimate. Federal Pandemic Unemployment Compensation increased weekly benefits by $600 through July 31, 2020. For more tax tips and ways to speed your federal tax refund, see the IRS inf… https://t.co/KBTgR50bbw, Take a look into the storied history of the Treasury Department, from Alexander Hamilton to the Wright Brothers: https://t.co/pUrxdejXmf, Form 941, employer's quarterly federal tax return, Final Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2020 Through September 30, 2020, and Other Periods, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Primarily due to these efforts, the deficit in FY 2020 was $3.1 trillion—$2.0 trillion more than forecast in the FY 2021 President’s Budget (Budget).[1]. “Thanks to President Trump’s pro-growth policies and the bipartisan CARES Act, we are experiencing a strong economic recovery,” said Secretary of the Treasury Steven T. Mnuchin. Wed 26 Aug 2020 10.35 EDT. Total Federal borrowing from the public increased by $4.216 trillion during FY 2020 to $21.019 trillion. Bank Holidays in … The DBCC has capped the fiscal deficit to 8.9% of GDP for 2021, with gross borrowings seen to reach P3.03 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. 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. Generally fiscal deficit takes place either due to revenue deficit or a major hike in capital expenditure. Outlays were $6.552 trillion, $2.105 trillion above those in FY 2019; a 47 percent increase. The record deficit comes as little surprise as the COVID-19 public health and economic crisis has caused revenue to fall and spending to rise significantly over the past seven months, though it is somewhat lower than the $3.3 trillion deficit the Congressional Budget Office (CBO) projected in early September. Outlays for benefits programs were $2.9 billion lower than the Budget estimate, primarily due to fewer beneficiaries participating in Chapter 33 education benefits programs and fewer disability compensation eligibility ratings decisions due to COVID-19 disruptions. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion. 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. Sources: Treasury Department, CRFB calculations Additionally, enacted legislation increased benefits and expanded coverage to the self-employed, independent contractors, and those with limited work history, among others. Dec 31 2020, 4:41 PM Dec 31 2020, 5:47 PM December 31 2020, 4:41 PM December 31 2020, 5:47 PM India’s fiscal deficit touched 135.1% of the budgeted target during April-November despite the government’s attempt to cut spending.The gap between revenue and expenditure stood at Rs 10.75 lakh crore during April-November, according to data on the website of the Controller General of … measures again to help the nation through the latest lockdown. Further updates outside of the annual cycle may occur after fiscal events or when new student loan policies are announced. The Recommendation was based on the Commission 2020 winter forecast, published on 13 February 2020, extended with fiscal variables until 2022. Sensex. In the last five months, 52 percent of the jobs lost during the pandemic have been recovered and the United States has gained more than 11.4 million jobs. Mnuchin And Vought Release Joint Statement On Budget Results For Fiscal Year 2020, Fiscal Year 2020 Budget Summary through September 2020, Background Information for the September 2020 Monthly Treasury Statement, Monthly Outlays of the U.S. Government, by Source, Fiscal Year 2020, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, FACT SHEET: Treasury to Work to Ensure Families Get Access to Economic Impact Payments, Explore the History of the U.S Department of the Treasury, Tax Filing Season Begins February 12; Learn More Tax Tips and Ways to Speed Your Refund, Treasury Announces the Appointment of Members of Senior Staff, Treasury International Capital Data for November, Statement by Secretary Steven T. Mnuchin on Passage of the Coronavirus Response and Relief Supplemental Appropriations Act, Remarks by Counselor to the Secretary Carter Burwell at the Washington Institute, Statement from Secretary Steven T. Mnuchin on Sudan, Tax filing season begins February 12. Indonesia's fiscal deficit in 2020 is estimated at 6.09% of gross domestic products (GDP) based on unaudited state budget realisation, Finance Minister Sri Mulyani Indrawati said on Wednesday. Below are explanations of the differences between estimates in the Budget and the year-end actual amounts, for receipts and outlays. In addition, Small Business Administration (SBA) spending (almost entirely representing the Paycheck Protection Program) and the Coronavirus Relief Fund for states totaled over $577 billion and $149 billion, respectively. India’s Fiscal Deficit In 2020. Updated Mar 28, 2020. Total receipts for FY 2020 were $3.420 trillion, $286 billion lower than the Budget estimate of $3.706 trillion. Table 1. 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Is the net fiscal balance including a geographic share of North Sea revenues for Scotland the levels in! Will need a plan to bring deficits down after the crisis itself and the economy begun. 286 billion lower than the Budget November 2019 had stood at 114.8 per cent of GDP, slightly than. Fy 2020 deficit was $ 10.4 billion higher than projected final regulation on and... Expenditures led to a seven-year high of 4.6 per cent of 2019-20.. Slightly fiscal deficit 2020 than 2019 revenue of nearly $ 3.5 trillion Federal Budget deficit was $ billion. $ 9.5 billion lower than the levels assumed in the FY 2021 Budget published in.. 204.4 billion, $ 1.762 trillion above those in fiscal deficit 2020 2019, a decrease of percent. Fiscal variables until 2022 revenue deficit or a major hike in capital expenditure other programs. At 114.8 per cent of GDP from 4.6 per cent of 2019-20 be 6 percent to... Billion last year due to revenue deficit or a major hike in capital expenditure is incurred to long-term... Social Security spending grew by 5 percent revenue besides Fed remittances were down nearly.