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Monthly Budget Review for August 2014 1 (September 8, 2014)

handle is hein.congrec/cbo1847 and id is 1 raw text is: SEPTEMBER 8, 2014 Monthly Budget Review for August 2014 The federal government ran a budget deficit of $589 billion for the first 11 months of fiscal year 2014, the Congressional Budget Office (CBO) estimates-$166 billion less than the shortfall recorded over the same period last year. Through the end of August, revenues were about 8 percent higher and outlays were about 1 percent higher than they were at the same point last year. In CBO's most recent budget projections, the agency estimated that the deficit for fiscal year 2014 (which will end on September 30, 2014) will total $506 billion, about $170 billion less than last year's deficit. (See An Update to the Bud et and Economic Outlook: Fiscal Years 2014 to 2024, which CBO published in August.) Budget Totals, October-August (Billions of dollars) Actual, FY 2013 Preliminary. FY 2014 Estimated Change Receipts 2.473 2.663 190 Outlays 3.228 3.252 24 Deficit (-) -755 -589 166 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for July 2014 and the Daily Treasury Statements for August 2014. Note: FY = fiscal year. Total Receipts: Up by 8 Percent in the First 11 Months of Fiscal Year 2014 Receipts through August of this fiscal year totaled $2,663 billion, CBO estimates-$190 billion more than the amount for the same period last year. The largest increases were the following: m Individual income taxes and payroll (social insurance) taxes together rose by $131 billion, or 6 percent. o Increases in amounts withheld from workers' paychecks-$104 billion (or 6 percent)-accounted for the bulk of that gain. Growth in wages and salaries explains most of the increase in withheld receipts, but about one-third of the increase in those receipts derived from changes in law. In particular, the tax rates in effect from October 2013 through December 2013 (the first quarter of fiscal year 2014) were higher than those in effect during that span the year before because of two changes that took effect in January 2013: the expiration of the 2 percentage-point cut in payroll taxes and an increase in tax rates for income above certain thresholds. o Nonwithheld receipts rose by $31 billion (or 7 percent), largely reflecting the difference between estimated payments made this year for the 2013 and 2014 tax years and the estimated payments made during the same period last year. Those increases were slightly offset by income tax refunds that were up by $2 billion (or 1 percent) and receipts from unemployment insurance taxes that were down by $2 billion (or 3 percent). m Receipts from corporate income taxes rose by $31 billion (or 14 percent), probably because of growth in taxable profits in calendar years 2013 and 2014. Receipts from April through August-largely representing corporations' first two quarterly estimated tax payments for the 2014 tax year-increased by about $14 billion (or 12 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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