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Monthly Budget Review for November 2015 1 (December 7, 2015)

handle is hein.congrec/cbo2635 and id is 1 raw text is: t DECEMBER 7, 2015 Monthly Budget Review for November 2015 The federal budget deficit was $200 billion for the first two months of fiscal year 2016, the Congressional Budget Office estimates. That deficit was $22 billion larger than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 3 percent and 6 percent, respectively. Budget Totals, October-November (Billions of dollars) Actual. FY 2015 Preliminary, FY 2016 Estimated Change Receipts 404 416 12 Outlays 583 616 34 Deficit -179 -200 -22 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2015 and the Daily Treasury Statements for November 2015. Note: FY = fiscal year. Total Receipts: Up by 3 Percent in the First Two Months of Fiscal Year 2016 Receipts through November totaled $416 billion, CBO estimates-$12 billion more than the amount for the same period last year. The largest year-over-year changes were the following: m Individual income taxes and payroll (social insurance) taxes together rose by $19 billion (or 6 percent). o Increases in amounts withheld from workers' paychecks-$16 billion (or 5 percent)- accounted for the bulk of that gain. Total wage and salary income and withheld taxes have both grown at about that same rate in recent quarters. o Nonwithheld receipts, mainly from filings of tax returns for 2014 by people who had received filing extensions, rose by $4 billion (or 13 percent). Those increases were slightly offset by income tax refunds that were up by $1 billion (or 9 percent). m Corporate income taxes decreased by about $5 billion (from $13 billion in the first two months of fiscal year 2015 to $7 billion so far this year). Corporate income tax receipts in October and November generally represent a small percentage of the year's total, so the results for those two months are not a significant indicator of the receipts for the fiscal year as a whole. The first quarterly estimated payment of those taxes in the current fiscal year, for most corporations, is not due until December 15. 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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