Economy

CBO presents its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change.

Discretionary spending by the federal government totaled $1.6 trillion in 2020, of which $714 billion was for national defense and $914 billion was for nondefense activities.

The federal deficit in 2020 was $3.1 trillion, equal to 14.9 percent of gross domestic product.

Mandatory spending by the federal government totaled $4.6 trillion in 2020, of which $1.9 trillion was for Social Security and Medicare.

Revenues received by the federal government in 2020 totaled $3.4 trillion, of which $1.6 trillion was receipts from individual income taxes.

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the fourth quarter of 2020, as real GDP for the nation increased at an annual rate of 4.3 percent, according to statistics released by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 9.9 percent in South Dakota to 1.2 percent in the District of Columbia (table 1).

This site shows the monthly and quarterly US employment data from the U.S. Bureau of Labor Statistics (BLS) for 2020.

In 2019, state government revenues decreased 1.7 percent from the 2018 estimate of $2.71 trillion to $2.66 trillion. The major shares of revenue for state governments were taxes (40.6 percent), intergovernmental (26.6 percent), and insurance trust revenue (16.4 percent).

Emerging, developing economies’ growth to pick up to 4.6% in 2020 from 4% in 2019; expansion vulnerable to trade, financial disruptions

Global economic growth is forecast to ease to a weaker-than-expected 2.6% in 2019 before inching up to 2.7% in 2020. Growth in emerging market and developing economies is expected to stabilize next year as some countries move past periods of financial strain, but economic momentum remains weak.

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.