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Monthly Budget Review for February 2015 1 (March 9, 2015)

handle is hein.congrec/cbo2070 and id is 1 raw text is: MARCH 9, 2015 Monthly Budget Review for February 2015 The federal government ran a budget deficit of $386 billion for the first five months of fiscal year 2015, CBO estimates-$S10 billion more than the shortfall recorded in the same span last year. CBO expects that, if lawmakers enact no further legislation affecting spending or revenues, the deficit in 2015 will end up at about $486 billion, roughly the same as the deficit incurred in 2014. (For more details about CBO's most recent budget projections, see U u ections, 2015 to 2025.) Budget Totals, October-February (Billions of dollars) Actul, FY2014 Preliminary, FY 2015 Estimated Ohange Receipts 1.107 1.187 80 Outlays 1,483 1,573 90 Deficit (-) -376 -386 -10 Sources Congreiona BudgetOffi.e; Departmn Cofte Treasury. Basedon the Monthly Treasuy Statement forJanuary 2014 and the Daly Teaur yStatements for February 2015. Note: FY = iclyear. Total Receipts: Up by 7 Percent in the First Five Months of Fiscal Year 2015 Receupts through February totaled $1,187 billion, CBO0 estumates-$80 billion more than the amount collected in the same period last year. The largest increases in receipts were in the following categories: * Individual income taxes and payroll (social insurance) taxes together rose by $54 billion (or 6 percent). An increase of $45 billion (or 5 percent) in the amounts withheld from workers' paychecks accounted for the bulk of that gain. Growth in wages and salaries probably explains that increase. Nonwithheld receipts rose by $16 billion (or 14 percent). Those receipts included the last quarterly payment of estimated taxes for 2014, which was due in January; most taxpayers will not make final payments of taxes due for 2014 until April. Partially offsetting those changes, individual income tax refunds increased by $6 billion. * Corporate income taxes rose by $17 billion (or 20 percent), largely reflecting growth in the estimated payments made by most corporations in December. The size of those payments this past December may have been boosted by the expiration of a number of tax provisions that reduced businesses' tax liabilities; those provisions were later retroactively extended for 2014 (by Public Law 113 -295, just days after the due date for the estimated payments). CBO expects that many companies will receive larger refunds or make smaller payments when they file their 2014 tax returns, which are due in mid-March for most 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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