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Monthly Budget Review for April 2015 1 (May 7, 2015)

handle is hein.congrec/cbo2178 and id is 1 raw text is: MAY7,2015 Monthly Budget Review for April 2015 The federal government ran a budget deficit of $285 billion for the first seven months of fiscal year 2015, CBO estimates. That deficit was $22 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014-by 9 percent and 7 percent, respectively. Budget Totals, October-April (Billions of dollars) Actual, FY 2014 Preliminary. FY 2015 Estimated Change Receipts 1.737 1,892 155 Outlays 2.043 2,177 133 Deficit (-) -306 -285 22 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2015 and the Daily Treasury Statements for April 2015. Note: FY = fiscal year. Total Receipts: Stronger Than Expected Receipts for the first seven months of fiscal year 2015 totaled $1,892 billion, CBO estimates-$155 billion more than receipts in the same period last year. That increase is roughly $40 billion larger than what CBO expected when it published its March 2015 report Updated Budget Projections: 2015 to 2025. Larger income tax payments from individuals and (to a lesser extent) from corporations explain the bulk of the difference from CBO's expectations in March. Those payments primarily reflect larger amounts owed for 2014 than CBO had expected. The largest increases in receipts relative to last year were in the following categories: a Individual income taxes and payroll (social insurance) taxes together rose by $128 billion (or 9 percent). o An increase of $70 billion (or about 6 percent) in the amounts withheld from workers' paychecks accounted for more than half of that gain. Growth in wages and salaries probably explains that increase. o Nonwithheld receipts rose by $59 billion (or 16 percent). The bulk of the increase came from payments made during the tax-filing season (February through April), most of which were final payments for 2014; they increased by $44 billion (or 17 percent). o Income tax refunds, also largely representing the settlement of 2014 taxes, were $202 billion, about what they were last year. Corporate income taxes rose by $17 billion (or 11 percent), probably reflecting higher taxable profits for 2014. CBO had anticipated that those receipts would rise only slightly. 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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