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

Monthly Budget Review [i] (March 7, 2013)

handle is hein.congrec/cbo10983 and id is 1 raw text is: Based on the Monthly Treasury Statement for January and the Daily Treasury Statements for February March 7, 2013 The federal budget deficit was $495 billion for the first five months of fiscal year 2013, $86 billion less than the shortfall recorded for the same period last year, CBO estimates. If lawmakers enacted no further legislation affecting spending or revenues, the federal government would end fiscal year 2013 with a deficit of $845 billion, by CBO's estimate, about $240 billion less than the 2012 deficit. JANUARY RESULTS The U.S. Treasury reported a surplus of $3 billion for January, compared with the $2 billion deficit CBO estimated on the basis of the Daily Treasury Statements. Revenues were $2 billion more and outlays were $2 billion less than CBO estimated. ESTIMATES FOR FEBRUARY (Billions of dollars) Actual Preliminary Estimated FY 2012 FY 2013 Change Receipts 103 128 24 Outlays 335 332 -3 Deficit (-) -232 -205 27 Sources: Department of the Treasury; CBO. The deficit in February was $205 billion, CBO estimates, $27 billion less than the deficit reported in February 2012. Receipts in February 2013 were about $24 billion (or 23 percent) higher than those in February 2012, by CBO's estimate. The increase occurred primarily because individual income tax refunds were $20 billion (or 25 percent) lower, reflecting a delay in the start of the filing season for most individuals until January 30 this year. Withheld income and payroll taxes were $6 billion (or 4 percent) higher than those last February. The expiration of the payroll tax cut in January 2013 contributed most significantly to that increase; that change was partially offset by the fact that February 2013 included one fewer day of withheld receipts than February 2012. Net receipts of corporate income taxes rose by $1 billion, but receipts from the Federal Reserve were $3 billion lower than in February 2012. Outlays were $3 billion (or 1 percent) lower in February 2013 than in February 2012, CBO estimates. Outlays for defense were $8 billion (or 15 percent) lower, reflecting declines in most major categories of defense spending. Unemployment benefits declined by $3 billion (or 29 percent). In contrast, outlays for Social Security benefits were $3 billion (or 5 percent) higher than in February 2012. Spending for disaster relief, mostly related to Hurricane Sandy, was also higher, by $2 billion. Outlays for other programs and activities differed by smaller amounts in both directions. BUDGET TOTALS THROUGH FEBRUARY (Billions of dollars) Actual Preliminary Estimated FY 2012 FY 2013 Change Receipts 893 L015 122 Outlays 1,474 1,511 37 Deficit (-) -581 -495 86 Sources: Department of the Treasury; CBO. CBO estimates that the Treasury will record a deficit of $495 billion for the first five months of fiscal year 2013, $86 billion less than the shortfall in the same period last year. Revenues grew by $122 billion (or 14 percent), and outlays rose by $37 billion (or 2 percent). Unusual circumstances affected the year-over-year difference. Outlays in the first five months of fiscal year 2012 were particularly low because October 1, 2011, fell on a weekend, and about $31 billion in payments was shifted into the previous fiscal year. If not for those shifts, the deficit in the first five months of fiscal year 2012 would have been $116 billion more than the shortfall CBO estimates for the same period in fiscal year 2013. In the other direction, however, revenues so far this year have been boosted by a delay in the processing of tax refunds and by an increase in payments of estimated taxes that occurred because some people shifted income into calendar year 2012 in expectation of higher tax rates in 2013. 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