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Monthly Budget Review for March 2015 1 (April 8, 2015)

handle is hein.congrec/cbo2118 and id is 1 raw text is: APRIL 8,2015 Monthly Budget Review for March 2015 The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates-$17 billion more than the shortfall recorded in the same span last year. Both revenues and outlays were about 7 percent higher than the amounts recorded in the first six months of fiscal year 2014. Budget Totals, October-March (Billions of dollars) Actual, FY 2014 Preliminarp, FY 21 Esftiaed bharge Receipts 1,323 1,420 90 Outlays 1,738 1,851 115 Deficit (-) -413 -430 -17 Srcs Congressio et Oice Department of the Treasury. Based on the Monthly Treasury Sia temeitr Februay 2015 and the Daily Treasury S ....e...r. rc .... Total Receipts: Up by 7 Percent in the First Half of Fiscal Year 2015 Receipts through March totaled $1,420 billion, CBO estimates-$98 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 $75 billion (or 7 percent). An increase of $59 billion (or about 6 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 $19 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 this month, when the April 15 deadline for filing tax returns falls. Partially offsetting those changes, refunds of individual income taxes increased by $1 billion (or 1 percent) and receipts from unemployment insurance taxes dropped by $1 billion. Corporate income taxes rose by $15 billion (or 13 percent), probably reflecting higher taxable profits in calendar year 2014. 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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