According to CBO, the federal government incurred a deficit of $32 billion in January 2020, compared with a surplus of $9 billion in January 2019—a difference of $40 billion.

The U.S. budget gap amounted to $389 billion from October through January, compared with $310 billion in the same period a year earlier.

As total spending in January 2020 was $403 billion, CBO estimates that receipts totaled $372 billion—$32 billion (or 9 percent) more than those in the same month last year. (ILKHA)