About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Monthly Budget Review for August 2015 1 (September 8, 2015)

handle is hein.congrec/cbo2478 and id is 1 raw text is: SEPTEMBER 8, 2015 Monthly Budget Review for August 2015 The federal government's budget deficit amounted to $528 billion for the first 11 months of fiscal year 2015, the Congressional Budget Office estimates. That deficit was $61 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 8 percent and 5 percent, respectively. Adjusted for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 11-month period decreased by $42 billion. In its most recent budget projections, CBO estimated that the deficit for fiscal year 2015 (which will end on September 30, 2015) would total $426 billion, about $59 billion less than the shortfall in fiscal year 2014. (See An Update to the Budget and Economic Outlook: Fiscal Years 2015 to 2025, published in August.) Budget Totals, October-August (Billions of dollars) Actual, FY 2014 Preliminary FY 2015 Estimated Change Receipts 2,669 2,884 215 Outlays 3,258 3,412 153 Deficit (-) -589 -528 61 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for July 2015 and the Daily Treasury Statements for August 2015. Note: FY = fiscal year. Total Receipts: Up by 8 Percent in the First 11 Months of Fiscal Year 2015 Receipts through August of this fiscal year totaled $2,884 billion, CBO estimates-$215 billion (or 8 percent) more than they did during 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 $182 billion (or 8 percent). o Increases in amounts withheld from workers' paychecks-$116 billion (or 6 percent)-accounted for the bulk of that gain. Growth in wages and salaries probably explains the increase in withheld receipts. o Nonwithheld receipts rose by $72 billion (or 16 percent), reflecting payments made for both the 2014 and 2015 tax years. Most of those payments were for individual income taxes and probably reflect growth in nonwage income. o Income tax refunds rose by $2 billion (or 1 percent), slightly offsetting those increases. o Receipts from unemployment insurance taxes, which are one kind of payroll tax, were down by $4 billion (or 7 percent), also slightly offsetting those increases. 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.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most