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Monthly Budget Review for February 2014 1 (February 2014)

handle is hein.congrec/cbo1526 and id is 1 raw text is: Monthly Budget Review for February 2014 The federal government ran a budget deficit of $379 billion for the first five months of fiscal year 2014, CBO estimates, $115 billion less than the shortfall recorded in the same span last year. Revenues are higher and outlays are lower than they were at this time a year ago. Without shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the five-month period would have been $148 billion less this year than it was in fiscal year 2013. Budget Totals, October-February (Billions of dollars) Actual, FY 2013 Preliminary, FY 2014 Estimated Change Receipts 1,011 1,104 94 Outlays 1,505 1,483 -21 Deficit (-) -494 -379 115 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for January 2014 and the Daily Treasury Statements for February 2014. Note: FY = fiscal year. Total Receipts: Up by 9 Percent in the First Five Months of Fiscal Year 2014 Receipts for the first five months of fiscal year 2014 totaled $1,104 billion, CBO estimates, $94 billion more than receipts in the same period last year. The largest increases were the following: m Individual income taxes and social insurance (payroll) taxes together rose by $69 billion, or 8 percent. o Increases in amounts withheld from workers' paychecks (up by $58 billion, or 7 percent) accounted for most of that gain. A number of factors contributed to the increase, including growth in wages and salaries and changes in law. In 2013, the tax rates in effect for October through December were higher than those in effect during those months in 2012 because of two changes that occurred in January 2013-the expiration of the 2 percentage-point payroll tax cut and increases in tax rates for income above certain thresholds. o Nonwithheld receipts, mainly from estimated payments of 2013 taxes made in January 2014, increased by $13 billion, or 12 percent. o Partially offsetting those gains was an increase of $2 billion in refunds of individual income taxes. * Receipts from corporate income taxes rose by $12 billion, or 17 percent. Those receipts included the last quarterly estimated payment due in calendar year 2013 for most corporations. * Receipts from the Federal Reserve rose by $8 billion, or 27 percent. The increase was due in part to the larger size of the central bank's portfolio of securities and a higher yield on its portfolio. Almost all of the increase in receipts occurred in January and February. 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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