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1 1 (January 8, 2018)

handle is hein.congrec/mobudec0001 and id is 1 raw text is: ~January 8, 2018 Monthly Budget Review for December 2017 The federal budget deficit was $228 billion in the first quarter of fiscal year 2018, the Congressional Budget Office estimates-$18 billion more than the one recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than during the first quarter of 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 or a holiday. If not for those shifts, outlays and the deficit through December would have been slightly larger, both this year and last year-and the year-to-year changes would not have been very different. Outlays so far this year would have been $49 billion larger (rather than $47 billion, still about 5 percent), and the deficit would have risen by $20 billion. Budget Totals, October-December Billions of Dollars Actual. FY 2017 Pireliminar y. FY 2018 Estimated Change Receipts 741 770 29 Outlays 951 998 47 Deficit (-) -210 -228 -18 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November 2017 and the Daily Treasury Statements for December 2017. FY = fiscal year. Total Receipts: Up by 4 Percent in the First Quarter of Fiscal Year 2018 Receipts totaled $770 billion during the first three months of fiscal year 2018, CBO estimates-$29 billion more than during the same period last year. Most of changes between last year and this year arose from two sources: m Amounts withheld from workers' paychecks increased by $37 billion (or 7 percent), largely because of rising wages and salaries; and m Corporate income taxes fell by about $10 billion (or 13 percent); for most corporations, the first quarterly estimated tax payment in this fiscal year was due on December 15. Corporate income taxes also declined relative to the prior year in both June and September 2017, when the last two quarterly estimated payments were due for most corporations. 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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