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Monthly Budget Review [i] (December 7, 2012)

handle is hein.congrec/cbo10929 and id is 1 raw text is: Based on the Monthly Treasury Statement for October and the Daily Treasury Statements for November December 7, 2012 The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year, CBO estimates. Without shifts in the timing of certain payments in each year, however, the deficit for the two-month period would have been about $8 billion lower this year than in fiscal year 2012. OCTOBER RESULTS (Billions of dollars) Preliminary Estimate Actual Difference Receipts 183 184 1 Outlays 297 304 8 Deficit (-) -113 -120 -7 Sources: Department of the Treasury; CBO. The U.S. Treasury reported a deficit of $120 billion for October, about $7 billion more than CBO's estimate based on the Daily Treasury Statements. That difference occurred in part because spending was higher than projected for the crop insurance program, which experienced both unexpectedly high payments for drought losses and delays in collections from private insurance companies. Outlays for the Departments of Homeland Security, Justice, and the Treasury also exceeded CBO's estimates. ESTIMATES FOR NOVEMBER (Billions of dollars) Actual Preliminary Estimated FY 2012 FY 2013 Change Receipts 152 161 9 Outlays 290 334 44 Deficit (-) -137 -172 -35 Sources: Department of the Treasury; CBO. The deficit in November was $172 billion, CBO estimates, $35 billion more than in the same month last year. However, spending this year was significantly influenced by the shift of certain payments from December to November (because December 1 fell on a weekend); if not for those shifts, the deficit in November 2012 would have been only $1 billion greater than the shortfall in November 2011. CBO estimates that receipts in November 2012 totaled $161 billion-$9 billion (or 6 percent) more than receipts in November 2011. Net receipts from individual income and payroll taxes rose by $7 billion (or 5 percent), primarily because of an increase of $6 billion (or 5 percent) in withheld taxes. Receipts from the Federal Reserve and from corporate income taxes rose by $2 billion and by a net of $1 billion, respectively. Outlays were $44 billion higher in November than during the same month last year, CBO estimates. Without the shift in the timing of certain payments, the spending increase would have been much smaller- about $10 billion. Outlays for Social Security benefits were $4 billion higher than in November 2011; outlays for Medicare (adjusted for the timing shift) and for net interest on the public debt were higher by $2 billion each. Spending increased by smaller amounts for several other programs. In contrast, outlays for unemployment benefits were $2 billion lower than in November 2011. BUDGET TOTALS THROUGH NOVEMBER (Billions of dollars) Actual Preliminary Estimated FY 2012 FY 2013 Change Receipts 315 346 30 Outlays 551 638 87 Deficit (-) -236 -292 -57 Sources: Department of the Treasury; CBO. The Treasury will record a deficit of $292 billion for the first two months of fiscal year 2013, CBO estimates $57 billion more than the shortfall recorded in the same period last year. Revenues rose by $30 billion (or 10 percent), but outlays increased by $87 billion (or 16 percent). 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. -----------------

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