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Monthly Budget Review for January 2015 1 (February 6, 2015)

handle is hein.congrec/cbo2039 and id is 1 raw text is: ,i L FEBRUARY 6,201 5 'Ki Monthly Budget Review for January 2015 The federal government ran a budget deficit of $195 billion for the first four months of fiscal year 2015, CBO estimates $12 billion more than the shortfall recorded in the same span last year. Revenues and outlays were both 8 percent higher than they were at this time a year ago. If lawmakers enact no further legislation affecting spending or revenues, the federal government will end fiscal year 2015 with a deficit of $468 billion, or 2.6 percent of gross domestic product (GDP), CBO estimates, down from a deficit of $483 billion, or 2.8 percent of GDP, in 2014. (For more details about CBO's most recent budget projections, see The Budget and Economic Outlook: 2015 to 2025.) Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for December 2014 and the Daily Treasury Statements for January 2015. Note: FY = fiscal year. Total Receipts: Up by 8 Percent in the First Four Months of Fiscal Year 2015 Receipts through January totaled $1,041 billion, CBO estimates-$79 billion more than the amount collected in the same period last year. The largest increases in receipts were in the following categories: m Individual income taxes and payroll (social insurance) taxes together rose by $39 billion (or 5 percent). o An increase of $34 billion (or 5 percent) in the amounts withheld from workers' paychecks accounted for the bulk of that gain. Growth in wages and salaries probably explains that increase. o Nonwithheld receipts, largely from the last quarterly payments of estimated taxes for 2014, which were due in January, rose by $15 billion (or 14 percent). o That increase was partially offset by larger refunds of individual income taxes. Refunds were $6 billion more this year because the tax-filing season began earlier. The Internal Revenue Service began accepting returns on January 21 this year; last year, returns were not accepted until January 31. o Receipts from unemployment insurance taxes were down by $4 billion, in part because some of the receipts that ordinarily come in at the end of January were received this year at the beginning of February. Note: The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not add up to totals because of rounding.

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