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1 Monthly Budget Review for April 2019 1 (May 7, 2019)

handle is hein.congrec/mbudrev0001 and id is 1 raw text is: ~May 7, 2019 Monthly Budget Review for April 2019 The federal budget deficit was $531 billion for the first seven months of fiscal year 2019, the Congressional Budget Office estimates, $145 billion more than the deficit recorded during the same period last year. Revenues were $33 billion (or 2 percent) higher and outlays were $178 billion (or 7 percent) higher than during first seven months of 2018. However, outlays in the first seven months of last year were reduced by shifts in the timing of certain payments. If not for those shifts, the deficit for the first seven months of the past fiscal year would have been $44 billion greater, and the increase in the deficit so far for fiscal year 2019 would have been $101 billion rather than $145 billion. In its most recent baseline projections, CBO estimated that, if no further legislation is enacted that affects this year's budget, the deficit for fiscal year 2019 will total $896 billion.' Budget Totals, October-April Billions of Dollars Actual, FY 2016 PrelirnInary. FY 2019 Estimated Change Receipts 2,007 2,041 33 Outlays 2,393 2,571 175 Deficit (-) -355 -531 -145 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2019 and the Daily Treasury Statements for April 2019. FY = fiscal year. Total Receipts: Up by 2 Percent in the First Seven Months of Fiscal Year 2019 Receipts totaled $2,041 billion during the first seven months of fiscal year 2019, CBO estimates- $33 billion (or 2 percent) more than during the same period last year. Receipts collected through April 2019 were $30 billion to $40 billion (or 1 percent) less than CBO expected earlier this year when it published its January 2019 report on the budget outlook.2 Most of that shortfall stems from lower-than-anticipated withholding of individual income and payroll taxes in December 2018 and January 2019. Collections received and refunds paid during tax-filing season, from 1. See Congressional Budget Office, Updated Budget Projections: 2019 to 2029 (May 2019), www.cbo.gov/publication/55151. 2. See Congressional Budget Office, The Budget and Economic Outlook: 2019 to 2029 (January 2019), www.cbo.gov/publication/549 18. 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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