Biden budget sees $3.7 trillion gap this year with programs
The shortfall in the year through May was $2.06 trillion, compared with $1.88 trillion in the year-earlier period, according to Treasury Department data released Thursday. On a monthly basis, the gap was $132 billion in May compared with $398.8 billion in May 2020, amid the initial wave of Covid-19 relief.
President Joe Biden’s proposed budget, released last month, estimates a deficit of $1.84 trillion in fiscal 2022 after $3.67 trillion in the current year, assuming Congress passes his economic-investment and tax agenda.
The May budget data showed $595.7 billion in federal spending, while receipts totaled $463.7 billion, with “greater outlays associated with the pandemic response” outweighing the shift in the due date for taxes, Treasury said. Stimulus payments totaled $11 billion, down from $58 billion in April and $339 billion in March.