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Monthly Budget Review: Summary for Fiscal Year 2015 1 (November 6, 2015)

handle is hein.congrec/cbo2570 and id is 1 raw text is: NOVEMBER 6, 2015 Monthly Budget Review: Summary for Fiscal Year 2015 In fiscal year 2015, which ended on September 30, the federal budget deficit totaled $439 billion- $44 billion less than the shortfall in 2014. Fiscal year 2015 was the sixth 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 2.8 percent in 2014 and to 2.5 percent in 2015. Fiscal Year Totals (Billions of dollars) 2010 2011 2012 2013 2014 2015 Receipts 2,163 2,303 2,450 2,775 3,020 3,249 Outlays 3,457 3,603 3,537 3,455 3,504 3,688 Deficit Amount -1,294 -1,300 -1,087 -680 -483 -439 Percentage of GDP -8.7 -8.5 -6.8 -4.1 -2.8 -2.5 Sources: Congressional Budget Office; Office of Management and Budget; Department of the Treasury. In 2015, the government's revenues were $3.2 trillion, $228 billion (or almost 8 percent) more than receipts in 2014. As a percentage of GDP, revenues rose from 17.6 percent in 2014 to 18.2 percent in 2015, the highest level since 2001 and greater than the average over the past 50 years (17.4 percent) for the second year in a row. Net spending by the government was $3.7 trillion in 2015-$184 billion (or about 5 percent) more than outlays in 2014, and the highest that it has been, in nominal terms, since 2011. Outlays amounted to 20.7 percent of GDP in 2015, compared with 20.4 percent in 2014. The percentage in 2015 was well below the recent peak of 24.4 percent in 2009 but above the 50-year average of 20.2 percent. Revenues Relative to GDP, receipts from all major sources increased from the levels recorded for 2014: Individual income taxes, the largest revenue source, rose by $146 billion (or 10 percent), from 8.1 percent of GDP in 2014 to 8.7 percent of GDP in 2015. That percentage of GDP is the highest in any year since 2001. o Income taxes withheld from workers' paychecks rose by $70 billion (or 6 percent), largely the result of higher wages and salaries. o Nonwithheld payments of income taxes rose by $78 billion (or 16 percent), reflecting larger final and estimated tax payments made during fiscal year 2015. Most of those additional payments were for the 2014 tax year, and they probably reflect higher nonwage income, including realizations of capital gains. The increase in nonwithheld receipts was slightly offset by income tax refunds, which were up by $3 billion (or 1 percent) in 2015.

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