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Monthly Budget Review for April 2014 1 (May 7, 2014)

handle is hein.congrec/cbo1578 and id is 1 raw text is: QMAY 7,2014 Monthly Budget Review for April 2014 The federal government ran a budget deficit of $301 billion for the first seven months of fiscal year 2014, CBO estimates-$187 billion less than the shortfall recorded in the same span last year. Revenues were about 8 percent higher and outlays about 3 percent lower. Budget Totals, October-April (Billions of dollars) Actual, FY 2013 Preliminary, FY 2014 Estimated Change Receipts 1,603 1,735 132 Outlays 2,091 2,036 -55 Deficit (-) -488 -301 187 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2014 and the Daily Treasury Statements for April 2014. Note: FY = fiscal year. Total Receipts: Up by 8 Percent in the First Seven Months of Fiscal Year 2014 Receipts for the first seven months of fiscal year 2014 totaled $1,735 billion, CBO estimates-$132 billion more than receipts in the same period last year. That increase is $10 billion to $20 billion less than what CBO expected when it published its most recent projections in its April 2014 report Updated Budget Projections: 2014 to 2024. The largest increases from the same period last year were the following: m Individual income taxes and social insurance (payroll) taxes together rose by $94 billion, or 7 percent. o Increases in amounts withheld from workers' paychecks-amounting to $76 billion (or a 7 percent increase)-accounted for most of that gain. Besides growth in wages and salaries, changes in law contributed to the increases: The tax rates in effect from October 2013 through December 2013 (the first quarter of fiscal year 2014) were higher than those in effect from October 2012 through December 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. Collections of withheld taxes are running about $20 billion above CBO's expectations, much of that coming around the beginning of the calendar year and probably reflecting onetime factors, such as year-end bonus payments. o Nonwithheld receipts rose by $19 billion (or 5 percent), about $30 billion less than the increase that CBO had anticipated. Those receipts reflected payments made for both the 2012 and 2013 tax years. Part of the increase came from payments made during the tax-filing season (February through April), most of which were final payments for the preceding tax year: they increased by $6 billion (or 2 percent). However, income tax refunds also rose-by $2 billion (or 1 percent). 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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