The Congressional Budget Office (CBO) has reported that the estimated federal budget deficit for the first 11 months of fiscal year 2021 was $2.7 trillion. Total receipts to date were up by $539 billion (or 18%) compared to the same period last year. “That change largely reflects the general strength of the economy over the past year,” the CBO said. The report also notes that individual income and payroll taxes together rose by $376 billion (or 14%). Corporate income taxes increased, on net, by $125 billion (or 77%). The CBO said “this is consistent with higher corporate profits this year.” Read the full report: 


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