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

Monthly Budget Review [1] (October 5, 2012)

handle is hein.congrec/cbo10915 and id is 1 raw text is: Based on the Monthly Treasury Statement for August and the Daily Treasury Statements for September October 5, 2012 The federal budget deficit was about $1.1 trillion in fiscal year 2012, CBO estimates, approximately $200 billion less than the shortfall recorded in 2011. At 7.0 percent of gross domestic product, the 2012 deficit was down from 8.7 percent in 2011 and 9.0 percent in 2010 but greater than in any year between 1947 and 2008. The estimated 2012 total reflects the shift of some payments from fiscal year 2012 into fiscal year 2011 (that is, from October 2011 to September 2011, because October 1 fell on a weekend); without that timing shift, the deficit in 2012 would have been about $30 billion higher. CBO's deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month. AUGUST RESULTS The Treasury reported a deficit of $191 billion for August, $1 billion less than the amount CBO had projected on the basis of the Daily Treasury Statements. ESTIMATES FOR SEPTEMBER (Billions of dollars) Actual Preliminary Estimated FY 2011 FY 2012 Change Receipts 240 263 23 Outlays 303 188 -115 Deficit (-)Surplus -63 75 138 Sources: Department of the Treasury; CBO. The Treasury recorded a surplus of $75 billion in September 2012, CBO estimates, in contrast with the $63 billion deficit incurred in the same month last year. Shifts in the timing of certain payments influenced the results in both years: Payments totaling $31 billion were shifted from October 2011 to September 2011, while payments totaling $58 billion were shifted from September 2012 to August 2012. Adjusted for those timing shifts, the surplus in September 2012 would have been $17 billion, in contrast with a deficit of $32 billion in September 2011. Adjusted for timing shifts, outlays last month would have been $26 billion (or 10 percent) less than the amount recorded in September of last year, CBO estimates. Net payments to Fannie Mae and Freddie Mac were $7 billion lower than in the same month last year, because the government did not provide cash infusions to the two entities this September. The government recorded receipts of $7 billion in September from the sale of stock in American International Group; no such sale occurred in September 2011. Outlays for unemployment benefits were $6 billion lower in September than they were a year ago. Adjusted for the effects of shifts in the timing of some payments, spending for military activities also declined, by $5 billion, largely because of smaller payments to contractors for goods and services. In contrast, spending for Social Security benefits was $4 billion higher in September 2012 than in September 2011. Receipts this September were about $23 billion (or 9 percent) higher than those in September 2011, CBO estimates. Net receipts from the corporate income tax rose by $17 billion (or 44 percent), reflecting higher quarterly tax payments. Net receipts from individual income and payroll taxes rose by $5 billion (or 3 percent). Withheld receipts from those sources fell by $1 billion, but they would have risen if not for the effects of the calendar: September 2012 had two fewer business days than September 2011. Nonwithheld receipts of individual income and payroll taxes, mainly quarterly estimated payments of 2012 taxes, rose by $3 billion (or 6 percent). And, together, changes in refunds of individual income taxes and in collections of payroll taxes for unemployment insurance boosted receipts by $2 billion. FISCAL YEAR TOTALS (Billions of dollars) Actual Preliminary Estimated FY 2011 FY 2012 Change Receipts 2,302 2,450 148 Outlays 3,599 3,540 -59 Deficit (-) -1,297 -1,090 207 Sources: Department of the Treasury; CBO. The federal deficit was just under $1.1 trillion in 2012, CBO estimates, $207 billion lower than the 2011 deficit and $38 billion less than the agency projected in August. Outlays appear to have been $23 billion lower and revenues $15 billion higher than CBO expected. 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.

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