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Monthly Budget Review for June 2015 1 (July 8, 2015)

handle is hein.congrec/cbo2303 and id is 1 raw text is: ~JULY 8, 2015 Monthly Budget Review for June 2015 The federal government ran a budget deficit of $314 billion for the first nine months of fiscal year 2015, CBO estimates. That deficit was $52 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 8 percent and 5 percent, respectively. Budget Totals, October-June (Billions of dollars) Actual, FY 2014 Preliminary, FY 2015 Estimated Change Receipts 2.260 2,447 187 Outlays 2.626 2,762 135 Deficit (-) -366 -314 52 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for May 2015 and the Daily Treasury Statements for June 2015. Note: FY = fiscal year. Total Receipts: Up by 8 Percent in the First Nine Months of Fiscal Year 2015 Receipts for the first nine months of fiscal year 2015 totaled $2,447 billion, CBO estimates-$187 billion (or 8 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 $153 billion (or 8 percent). o An increase of $86 billion (or about 5 percent) in the amounts withheld from workers' paychecks accounted for more than half of that gain. Growth in wages and salaries probably explains the increase in withheld receipts. o Nonwithheld receipts rose by $71 billion (or 16 percent), reflecting payments made for both the 2014 and 2015 tax years. Most of those payments were for individual income taxes. o Income tax refunds rose by $2 billion (or 1 percent), slightly offsetting those increases. o Receipts from unemployment insurance taxes, which are one kind of payroll tax, were down by $3 billion (or 6 percent), also slightly offsetting those increases. Corporate income taxes rose by $22 billion (or 9 percent), probably reflecting higher taxable profits in calendar years 2014 and 2015. Receipts from April through June- largely representing corporations' first two quarterly payments of estimated taxes for the 2015 tax year-increased by $7 billion (or 6 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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