About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Monthly Budget Review [i] (2008)

handle is hein.congrec/cbo0995 and id is 1 raw text is: Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December January 7, 2008 The federal budget deficit was about $107 billion in the first quarter of fiscal year 2008, CBO estimates about $27 billion more than in the same period last year. Outlays have risen by 9 percent compared with their level in the first three months of 2007, whereas revenues have grown by about 6 percent. Later this month, CBO will issue new budget projections for 2008 and the following 10 years. NOVEMBER RESULTS (Billions of dollars) Preliminary Estimate Actual Difference Receipts 151 151 * Outlays 252 249 -3 Deficit (-) -101 -98 3 Sources: Department of the Treasury; CBO. Note: * - between -$500 million and $500 million. The Treasury reported a deficit of $98 billion for the month of November. That sum is about $3 billion less than CBO had estimated on the basis of the Daily Treasury Statements, primarily because spending was lower than expected for international assistance and the Department of Agriculture. ESTIMATES FOR DECEMBER (Billions of dollars) Actual Preliminary Estimated FY2007 FY2008 Change Receipts 260 276 16 Outlays 218 229 11 Surplus 42 47 5 Sources: Department of the Treasury; CBO. The surplus in December was $47 billion, CBO estimates, $5 billion more than the surplus recorded in December 2006. The budget results in December tend to be better than those in many other months because most corporations make quarterly income tax payments and withholding for individuals is relatively high because of year-end bonuses and seasonal employment. Total receipts in December 2007 were about $16 billion (or 6 percent) higher than those collected in the previous December, CBO estimates. Withholding for income and social insurance (payroll) taxes accounts for that increase, with a gain of $16 billion, or 10.5 percent. Some of that growth reflects the fact that December 2007 ended on a Monday, the biggest withholding day, whereas December 2006 ended on a Friday thus boosting receipts in December 2007 at the expense of those in early January. Gross corporate payments, which include the final estimated payment by most corporations for tax year 2007, were higher in December 2007 than in December 2006, but that increase was roughly offset by higher refunds. Outlays were $11 billion (or 5 percent) higher this December than in the same month last year, CBO estimates. A large, one-time receipt and shifts in the timing of certain payments affected the spending growth. Outlays in December 2006 were reduced by the receipt of $12.7 billion from an auction of licenses to use the electromagnetic spectrum; but, at the same time, about $10 billion in payments were shifted into December 2006 because January 1 is a holiday. In contrast, payment shifts because of weekends or holidays decreased outlays in December 2007 by about $9 billion. In the absence of those factors, outlays in December would have grown by about 8 percent from 2006 to 2007. Outlays for net interest on the public debt and the Department of Defense increased by about $4 billion each compared with spending last December, while spending for Social Security grew by about $3 billion. BUDGET TOTALS THROUGH DECEMBER (Billions of dollars) Actual Preliminary Estimated FY2007 FY2008 Change Receipts 574 605 32 Outlays 654 712 59 Deficit (-) -80 -107 -27 Sources: Department of the Treasury; CBO. The government recorded a deficit of $107 billion for the first three months of fiscal year 2008, CBO estimates, compared with a deficit of $80 billion recorded in the same period last year. Note: Unless otherwise indicated, the figures in this report include the Social Security trust funds and the Postal Service fund, which are off-budget. Numbers may not add up to totals because of rounding. MONTHLY BUDGET REVIEW Fiscal Year 2008 A Congressional Budget Office Analysis

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most