Holly Roundtree CPA
2019 – 10/29
Federal budget figures for the 2019 fiscal year (ended Sept. 30) show a $984 billion budget deficit. That’s $205 billion more than in FY2018, but $16 billion less than forecast in the FY2020 Mid-Session Review by the U.S. Treasury Dept. and the U.S. Office of Management and Budget. FY2019 receipts were $3.462 trillion, 4% higher than in FY2018. Officials attribute the rise “primarily to higher social insurance and retirement [tax] receipts, net individual income tax receipts, customs duties, net corporation income tax receipts, and excise taxes, partially offset by lower deposits of earnings by the Federal Reserve, and other miscellaneous receipts.” The report is at https://bit.ly/2PqZ4Go.