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1 Monthly Budget Review for September 2018 1 (October 5, 2018)

handle is hein.congrec/cbomsept0001 and id is 1 raw text is: ~October 5, 2018 Monthly Budget Review for September 2018 The federal budget deficit was $782 billion in fiscal year 2018, the Congressional Budget Office estimates, $116 billion more than the shortfall recorded in fiscal year 2017. As was the case last year, this year's outlays were 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 year would have been $826 billion-$162 billion larger than last year's amount. The 2018 deficit equaled an estimated 3.9 percent of gross domestic product (GDP), up from 3.5 percent in 2017. (If not for the timing shifts, the 2018 deficit would have equaled 4.1 percent of GDP.) Fiscal year 2018 was the third consecutive year in which the deficit increased as a percentage of GDP. By CBO's estimate, revenues were about the same and outlays were about 3 percent higher in 2018 than they were in the previous fiscal year. CBO's estimates are based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2018 later this month. A deficit of $782 billion would be about $11 billion smaller than the shortfall that CBO projected in its May 2018 report, An Analysis of the President's 2019 Budget. Revenues and outlays were less than CBO anticipated, but outlays were lower by a larger amount. Fiscal Year Totals Billions of Dollars Actual, FY 2017 PrelimInary, FY 2018 Estimated Change Receipts 3,315 3.325 13 Outlays 3,951 4,110 129 Deficit (-) -666 -752 -116 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for August 2018 and the Daily Treasury Statements for September 2018. FY = fiscal year. Total Receipts: Up by Less Than 1 Percent in Fiscal Year 2018 Receipts totaled $3,328 billion in fiscal year 2018, CBO estimates-$13 billion more than in fiscal year 2017. That small net increase reflects the following changes: * Individual income and payroll (social insurance) taxes together rose by $105 billion (or 4 percent). o Amounts withheld from workers' paychecks rose by $23 billion (or 1 percent). That change largely reflects increases in wages and salaries that were partly offset beginning 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 sum to totals because of rounding.

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