CBO: May deficit down from April, but still huge amid pandemic - Roll Call

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In one telling calculation, the CBO compared the growth of spending during the first six months of fiscal 2020 preceding the pandemic to spending in the two months since the pandemic hit in March.

Between October and March, spending totaled $2.3 trillion, representing a growth of $149 billion, or 7 percent compared with the first six months of fiscal 2019. By contrast, over the past two months of April and May, spending totaled $1.6 trillion, an increase of $763 billion, or almost double the amount spent during the same two months last year.

Comparing May 2020 to May 2019, revenue dropped by $58 billion, or 25 percent, to $175 billion, compared with the same month last year. Most of the drop resulted from a $51 billion decrease in individual income and payroll taxes resulting from a decline in worker wages, temporary changes in the law including allowing employers to defer payment of payroll taxes, and income tax refunds.

Spending in May grew by $159 billion, or 36 percent, to $598 billion compared with last year. If not for the shift of some federal payments from June to May in 2019, spending would have been 53 percent higher in May 2020 than in May 2019.

Major changes in May spending include:

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CBO: May deficit down from April, but still huge amid pandemic - Roll Call
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