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1 Monthly Budget Review for May 2018 1 (June 7, 2018)

handle is hein.congrec/mthbrv0001 and id is 1 raw text is: June 7, 2018 Monthly Budget Review for May 2018 The federal budget deficit was $530 billion for the first eight months of fiscal year 2018, the Congressional Budget Office estimates, $97 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 3 percent and 6 percent, respectively, than they were during the first eight months 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. If not for those shifts, outlays and the deficit through May would have been larger, by roughly $40 billion, both this year and last year-but the year-to-year changes would not have been very different. Budget Totals, October-May Billions of Dollars Actual, FY 2017 Preliminary FY 2018 Estimated Change Receipts 2.169 2,224 55 Outlays 2.602 2.754 152 Deficit (-) -433 -530 -97 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2017 and the Daily Treasury Statements for May 2018. FY = fiscal year. Total Receipts: Up by 3 Percent in the First Eight Months of Fiscal Year 2018 Receipts for the first eight months of fiscal year 2018 totaled $2,224 billion, CBO estimates-$55 billion more than the amount during the same period last year. The net increase in receipts from last fiscal year resulted from changes in collections from the following sources, according to CBO's estimates: m Individual income and payroll (social insurance) taxes together rose by $109 billion (or 6 percent). o Amounts withheld from workers' paychecks rose by $45 billion (or 3 percent). That change largely reflects increases in wages and salaries that were partly offset beginning in February by a decline in the share of income withheld for taxes. In January, the Internal Revenue Service issued new withholding tables to reflect changes made by Public Law 115-97, the major tax legislation enacted in December 2017. All employers were required to begin using the new tables by February 15, 2018. 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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