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Monthly Budget Review for May 2014 1 (2014)

handle is hein.congrec/cbo1630 and id is 1 raw text is: JUNE 6,2014 Monthly Budget Review for May 2014 The federal government ran a budget deficit of $439 billion for the first eight months of fiscal year 2014, CBO estimates-$188 billion less than the shortfall recorded over the same span last year and the smallest deficit for those months since fiscal year 2008. Compared with the amounts at this point last year, revenues were about 7 percent higher and outlays about 2 percent lower. Budget Totals, October-May (Billions of dollars) Actual, FY 2013 Preliminary, FY 2014 Estimated Change Receipts 1,801 1,935 135 Outlays 2,427 2,374 -53 Deficit (-) -626 -439 188 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2014 and the Daily Treasury Statements for May 2014. Note: FY = fiscal year. Total Receipts: Up by 7 Percent in the First Eight Months of Fiscal Year 2014 Receipts for the first eight months of fiscal year 2014 totaled $1,935 billion, CBO estimates-$135 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 $94 billion, or 6 percent. o Increases in amounts withheld from workers' paychecks-$76 billion (or 6 percent)-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. Namely, the 2 percentage-point payroll tax cut expired, and tax rates for income above certain thresholds increased. o Nonwithheld receipts rose by $19 billion (or 5 percent), reflecting payments made for both the 2012 and 2013 tax years. Income tax refunds fell by $1 billion (or 1 percent), further boosting receipts. * Receipts from corporate income taxes rose by $21 billion (or 15 percent), probably reflecting growth in taxable profits in calendar year 2013. * Receipts from the Federal Reserve rose by $17 billion, or 34 percent. The increase was due in part to the larger size of the central bank' s portfolio of securities and a higher yield on the portfolio. Almost all of those gains occurred in January through May. Gains would also have occurred in the first three months of this fiscal year if the Federal Reserve had not realized capital gains on sales of Treasury securities in the October-December 2012 period. 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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