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Monthly Budget Review for May 2015 1 (June 5, 2015)

handle is hein.congrec/cbo2229 and id is 1 raw text is: JUNE 5,2015 Monthly Budget Review for May 2015 The federal government ran a budget deficit of $368 billion for the first eight months of fiscal year 2015, CBO estimates. That deficit was $68 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 4 percent, respectively. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the eight-month period would have been $33 billion less this year than it was in fiscal year 2014. Budget Totals, October-May (Billions of dollars) Actual, FY 2014 Preliminary, FY 2015 Estimated Change Receipts 1,937 2,103 166 Outlays 2,373 2,471 98 Deficit (-) -436 -368 68 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2015 and the Daily Treasury Statements for May 2015. Note: FY = fiscal year. Total Receipts: Up by 9 Percent in the First Eight Months of Fiscal Year 2015 Receipts for the first eight months of fiscal year 2015 totaled $2,103 billion, CBO estimates-$166 billion (or 9 percent) more than receipts in the same period last year. The largest increases in receipts relative to last year were in the following categories: Individual income taxes and payroll (social insurance) taxes together rose by $138 billion (or 9 percent). o The amounts withheld from workers' paychecks accounted for an increase of $76 billion (or about 5 percent). Most of that increase probably stemmed from growth in wages and salaries (as measured in the national income and product accounts), which also rose by 5 percent from October through April. o Nonwithheld receipts rose by $64 billion (or 17 percent). The bulk of the increase came from payments made during the tax-filing season (February through April), which increased by $45 billion (or 18 percent); most of those were final payments of taxes owed for 2014. o Income tax refunds, also largely representing the settlement of 2014 taxes, were $217 billion, slightly more than they were last year. o Receipts from unemployment insurance taxes were down by $2 billion (or 4 percent). Corporate income taxes rose by $19 billion (or 11 percent), probably reflecting higher taxable profits for 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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