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Monthly Budget Review: Summary for Fiscal Year 2014 1 (November 10, 2014)

handle is hein.congrec/cbo1984 and id is 1 raw text is: NOVEMBER 10, 2014 Monthly Budget Review: Summary for Fiscal Year 2014 In fiscal year 2014, which ended on September 30, the federal budget deficit totaled $483 billion- $197 billion less than the shortfall in 2013. Fiscal year 2014 was the fifth consecutive year in which the deficit declined as a share of the nation's gross domestic product (GDP): The deficit peaked at 9.8 percent of GDP in 2009; it fell to 4.1 percent in 2013 and to 2.8 percent in 2014. Fiscal Year Totals (Billions of dollars) In 2014, the government reenues increased in nominal terms for the fifth consecutive year reaching $3.0 trillion, which was $247 billion, or almost 9 percent, more lbhan revenues in 2013. In dollar terms, revenues hare increased by 44 precent since 2009. As a percentage of GDP, revenues rose from lb percent in 2013 to 175 percent in 2014, eceeding the average over the past 40 years (17.3 percent) for the first time since 2007 (see the figure below). Net spendine ho the eovernment mas $50 billion more in 2014 than in 2013, butit wast lss in nominal terms than outlay in 2009 2011 and 2012 Spending amounted 020.3 percent of GDP in 2014 slightly more than the percentage in 2000, tower than the percentage in any other year since then, and tlightly less than the 40-year average of 20.5 percent. Revenues Receipts from alt major sources increased more than GDP in 2014: $ Individual income taxes the largest revenue source, rose by $78 billion (orb6 percent), from 9 percent of GDP in 2013 to 8 1 percent in 2014. That percentage of G DP is the highest since 2007 audi larger than the percentage in any other year since 2001. Income taxes withheld from workers paychecks rose by $47 billion (or 4 percent) largely the result of higher wages and salaries A small share of that increase in withheld taxes occurred because the las rates in effect from October 2013 through December 2013 (the first quarter of fiscal year 2014) were higher for income above certain thresholds than the rates in effect during the same span the year before. Nonwithheld payment of income taxes ro e by $33 billion (or 6 percent) mainly reflecting larger estimated las payments made in fiscal year 2014. Most of thuse additional payments were ft2014 as year, but some were for 2013 The increase in nonwithheld receipts was sghtly affset by yme tax refunds that were up by $2 billion (or 1 perent).

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