The federal budget deficit in July 2020 was $61 billion, CBO estimates, compared with a deficit of $120 billion in the same month last year. That decrease, following three months of substantially larger deficits, occurred because payment deadlines for individual and corporate income taxes were delayed from April and June to July, so tax receipts were unusually large this July. All told, for the period from April through July, revenues were down 10 percent from last year’s amounts.
The cumulative federal budget deficit for the first 10 months of fiscal year 2020 reached $2.8 trillion, CBO estimates, $1.9 trillion more than the deficit recorded during the same period last year. Revenues were 1 percent lower and outlays were 51 percent higher through July 2020 than during the same 10-month period in fiscal year 2019.