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Monthly Budget Review for March 2014 1 (March 2014)

handle is hein.congrec/cbo1528 and id is 1 raw text is: ........ APRIL 7,2014 Monthly Budget Review for March 2014 The federal government ran a budget deficit of $413 billion for the first six months of fiscal year 2014, CBO estimates-$187 billion less than the shortfall recorded in the same span last year. Revenues were about 10 percent higher; and outlays, about 4 percent lower. Budget Totals, October-March (Billions of dollars) Actual, FY 2013 Preliminary, FY 2014 Estimated Change Receipts 1,197 1,320 123 Outlays 1,797 1,733 -64 Deficit (-) -600 -413 187 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for February 2014 and the Daily Treasury Statements for March 2014. Note: FY = fiscal year. Total Receipts: Up by 10 Percent in the First Half of Fiscal Year 2014 Receipts for the first six months of fiscal year 2014 totaled $1,320 billion, CBO estimates $123 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 $92 billion, or 9 percent. o Increases in amounts withheld from workers' paychecks-amounting to $73 billion (or 7 percent)-accounted for most of that gain. Besides growth in wages and salaries, changes in law contributed to the increases: 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-namely, 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 payments of 2013 taxes, increased by $17 billion (or 15 percent). Refunds declined by $1 billion (or 1 percent), further boosting net receipts. o All told, receipts from social insurance taxes rose by 14 percent, whereas receipts from individual income taxes were up by about 6 percent. About half the difference between those percentage increases resulted from quarterly adjustments made by the Treasury to the past allocations of revenues between the two sources. * Receipts from corporate income taxes rose by $17 billion (or 16 percent). That increase probably reflects growth in taxable profits in calendar year 2013. * Receipts from the Federal Reserve rose by $12 billion (or 32 percent). The increase resulted in part from the larger size of the central bank's portfolio of securities and a higher 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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