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Monthly Budget Review for December 2015 1 (January 8, 2016)

handle is hein.congrec/cbo2695 and id is 1 raw text is: January 8, 2016 Monthly Budget Review for December 2015 The federal budget deficit was $212 billion for the first three months of fiscal year 2016, the Congressional Budget Office estimates. That deficit was $36 billion larger than the one recorded during the same period last year. Receipts and outlays were both higher than last year's amounts, by 4 percent and 7 percent, respectively. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend or on New Year's Day), the deficit for the three-month period would have been $9 billion larger than it was last year. Budget Totals, October-December (Billions of dollars) Actual. FY 2015 Preliminary. FY 2016 Estimated Charge Receipts 739 766 26 Outlays 916 978 62 Deficit -177 -212 -36 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November 2015 and the Daily Treasury Statements for December 2015. Note: FY = fiscal year. Total Receipts: Up by 4 Percent in the First Three Months of Fiscal Year 2016 Receipts through December totaled $766 billion, CBO estimates-$26 billion more than the amount for the same period last year. The largest changes between last year and this year were in the following categories: * Individual income taxes and payroll (social insurance) taxes together rose by $26 billion (or 5 percent). o An increase of $22 billion (or 4 percent) in amounts withheld from workers' paychecks accounted for the bulk of that gain. The main reason is probably that total wage and salary income has grown at about that annual rate in recent quarters. o Nonwithheld receipts, mainly from filings of tax returns for 2014 by people who had received filing extensions, rose by $5 billion (or 12 percent). They are a very small fraction of receipts at this point in the year. o Those increases were slightly offset by income tax refunds, which were $1 billion (or 5 percent) higher than they had been the previous year. * Corporate income taxes declined by about $12 billion (or 13 percent). For most corporations, the first quarterly estimated payment of those taxes in the current fiscal year was due on December 15, and the amounts paid in that month were about $8 billion less than the amounts paid in the previous December. That may not indicate, however, that corporate profits have dropped. Comparing last year's tax payments with this year's has been complicated by the enactment in the middle of last month of the Consolidated Appropriations Act, 2016 (Public Law 114-113), and by the enactment in the middle of December 2014 of the Tax Increase Prevention Act of 2014 (Division A of Public Law 113-295). Each of those acts retroactively extended, to the beginning of the calendar year in which it was enacted, various provisions that reduced tax liabilities, and they may have affected the timing of tax payments for each calendar year to different degrees. 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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