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Monthly Budget Review for April 2017 1 (May 5, 2017)

handle is hein.congrec/cbo3422 and id is 1 raw text is: Monthly Budget Review for April 2017 The federal budget deficit was $348 billion for the first seven months of fiscal year 2017, the Congressional Budget Office estimates-$5 billion less than the shortfall recorded during the same span last year. But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the first seven months of fiscal year 2017 would have been $77 billion larger than the one recorded for the same period last year. Budget Totals, October-April Billions of Dollars Actual. FY 2016 Preliminary FY 2017 Estimated Change Receipts 1.915 1,928 14 Outlays 2.268 2.276 9 Deficit (-) -353 -348 5 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2017 and the Daily Treasury Statements for April 2017. FY = fiscal year. Total Receipts: Less Than Expected in the First Seven Months of Fiscal Year 2017 Receipts for the first seven months of fiscal year 2017 totaled $1,928 billion, CBO estimates- $14 billion more than the amount for the same period last year. Although receipts grew, they were $60 billion to $70 billion (or 3 percent) smaller than CBO expected when it published its January 2017 report The Budget and Economic Outlook: 2017 to 2027. The bulk of that shortfall reflects smaller-than-anticipated payments of individual and, to a lesser extent, corporate income taxes, mostly for economic activity in 2016. The reason that payments for 2016 activity were smaller than anticipated may be that income growth was weaker than expected in calendar year 2016, or that taxpayers shifted more income than projected from 2016 to later years, expecting legislation to reduce tax rates to be enacted this year. Part of the weakness in receipts may also reflect smaller-than-anticipated payments for economic activity in 2017. The sources of the shortfall will be better understood once data from tax returns start to become available later this year. The changes between last year and this year were as follows: m Individual income and payroll (social insurance) taxes together rose by $38 billion (or 2 percent). o Amounts withheld from workers' paychecks rose by $61 billion (or 5 percent). That change largely reflects increases in wages and salaries. 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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