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Monthly Budget Review for November 2016 1 (December 7, 2016)

handle is hein.congrec/cbo3268 and id is 1 raw text is: ~December 7, 2016 Monthly Budget Review for November 2016 The federal budget deficit was $179 billion for the first two months of fiscal year 2017, the Congressional Budget Office estimates, $22 billion less than the one recorded during the same period last year. Revenues were higher than those in the same period last year, by 1 percent, and outlays decreased by 3 percent. But this year's outlays were reduced by the shift of certain payments from October 2016 to September 2016 because October 1 fell on a weekend. Otherwise, outlays so far this year would have been $25 billion (or about 4 percent) larger than those in October and November last year, and the deficit would have risen by about $20 billion. Budget Totals, October-November (Billions of Dollars) Actual. FY 2016 Pireliminary, FY 2017 Estimated Change Receipts 416 421 5 Outlays 617 601 -16 Deficit () 201 179 22 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2016 and the Daily Treasury Statements for November 2016. FY = fiscal year. Total Receipts: Up by 1 Percent in the First Two Months of Fiscal Year 2017 Receipts through November totaled $421 billion, CBO estimates-$5 billion more than the amount for the same period last year. The largest year-over-year changes were the following: Individual income and payroll (social insurance) taxes together rose by $13 billion (or 4 percent). o Amounts withheld from workers' paychecks rose by $16 billion (or 5 percent). That change reflects increases in wages and salaries. o Nonwithheld payments of income taxes rose slightly-by less than $1 billion (or just under 1 percent). o Income tax refunds were up by $2 billion (or 12 percent), reducing net receipts. o Receipts from unemployment insurance taxes (one kind of payroll tax) declined by $1 billion (or 12 percent). Corporate income taxes fell by about $5 billion (from $8 billion in the first two months of fiscal year 2016 to about $2 billion so far this year). Because corporate income tax receipts in October and November generally represent a small percentage of the year's total, the results for those two months are not a significant indicator of receipts for the whole fiscal 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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